Binance founder and former CEO Changpeng Zhao (CZ) has been released from US prison
Binance founder and former CEO Changpeng Zhao (CZ) has been released from US custody after serving a four-month prison sentence. The penalty was due to compatibility issues at Binance. Under the settlement, he paid a $50 million fine and resigned as CEO of Binance. Despite his prison sentence, Zhao remains wealthy and plans to focus on his new project, Giggle Academy.
Changpeng Zhao (CZ), founder and former CEO of cryptocurrency exchange Binance, was released from a California prison on Friday. He has completed a four-month prison sentence related to compliance deficiencies at Binance.
Zhao admitted in November last year that he failed to maintain an anti-money laundering (AML) program that allowed the platform to be abused by criminal groups and terrorists. As a result, Binance faced huge financial penalties and Zhao agreed to pay a fine of $50 million.
The former head of Binance received a four-month sentence. He served his sentence in a low-security prison in June and was later held at a detention center in Long Beach. Binance has reached a $4.3 billion settlement with US authorities after being accused of violating anti-money laundering and sanctions regulations.
As part of the settlement, Zhao has stepped down as CEO and will not hold any executive positions at Binance. However, Binance still plays an important role in the cryptocurrency space. According to Bloomberg Wealth, Zhao has a net worth of approximately $30 billion.
Currently, Binance is headed by Richard Teng. The company appointed its first board in April, but has yet to establish a permanent global headquarters. Zhao is interested in new ventures, including an online non-profit educational project called Giggle Academy, and has expressed a desire to support young entrepreneurs.
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