Changpeng Zhao (CZ), the founder of Binance, was released from a federal prison in California on September 27. He had been incarcerated due to charges related to cybercrime and indirectly financing terrorist groups through cryptocurrency transactions.
In November 2023, CZ pleaded guilty to failing to implement an anti-money laundering (AML) program at Binance. Scott Taylor, a spokesperson for the U.S. Bureau of Prisons, confirmed CZ’s release after serving a four-month sentence that began in June. Alongside his prison term, CZ was fined $50 million, while Binance was ordered to pay $4.3 billion to settle multiple allegations, including money laundering and unauthorized trading.
As part of the plea deal, CZ stepped down as Binance’s CEO and is barred from holding any executive role at the company in the future. Despite these challenges, Binance remains one of the largest cryptocurrency exchanges globally, with Zhao’s personal wealth estimated at around $30 billion, according to Bloomberg Wealth.
Binance is now led by Richard Teng, former CEO of the Abu Dhabi Global Market. Before his conviction, CZ had founded Giggle Academy, a non-profit online education service. In his resignation message, he also expressed his willingness to mentor future entrepreneurs.
CZ, a Chinese-Canadian entrepreneur, launched Binance in 2017. While no longer the CEO, he remains a controlling shareholder of the company.
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