Changpeng Zhao, the founder and former CEO of crypto exchange Binance, has been released from prison after four months.
Changpeng Zhao (CZ), the founder and former CEO of Binance, known as the world’s largest crypto exchange, has been released from prison after four months. The U.S. Federal Bureau of Prisons reported that Binance founder and former CEO Changpeng Zhao was released from federal prison on September 27 after four months due to anti-money laundering (AML) violations. CZ was found guilty of money laundering and terrorist financing charges in November last year and sent to prison. He also resigned as Binance’s CEO. The Binance founder agreed to return to the US from Dubai in April to serve his four-month sentence. Binance said in a statement, “We are very happy that CZ will be home with his family.” The statement said, “While he does not manage or operate Binance, we are excited to see what he does next.” A lawsuit was filed against Binance and CZ in the US in November last year. As a result of the lawsuit, Binance paid a fine of $4.3 billion for violating anti-money laundering laws. CZ also agreed to pay a fine of $50 million, but his personal wealth was not affected by the lawsuit. CZ, whose net worth is estimated to be around $60 billion, is known to be the richest person to be sentenced to prison in the US. It is estimated that CZ still holds a majority stake in Binance with 90 percent.
