đ„Binance Founder Changpeng Zhao Released from U.S.Prisonđ„
Changpeng âCZâ Zhao,the founder and former CEO of Binance, was released from a U.S. federal prison on September 27 after serving four months for violations of U.S. anti-money laundering (AML) regulations, as confirmed by a spokesperson from the U.S. Federal Bureau of Prisons.
Zhao pleaded guilty in November to federal charges related to inadequate AML controls at Binance,the largest cryptocurrency exchange globally,leading to his resignation as CEO.His net worth is currently estimated at $60 billion,making him the wealthiest incarcerated individual in the U.S.
In April,Zhao voluntarily returned to the U.S. from Dubai to serve his sentence.He spent the first two months in a minimum-security facility in Southern California before being moved to a halfway house in Long Beach, where he was permitted supervised outings.
A spokesperson for Binance expressed relief at Zhao's return, stating,While he no longer runs Binance, we look forward to his future endeavors.The company has continued to thrive,surpassing 230 million users globally.â
Zhao's four-month sentence was significantly less than the 36 months initially sought by the U.S.Department of Justice, which aimed to highlight the severity of the offenses.His guilty plea encompassed not only AML violations but also issues related to unlicensed money transmission and sanctions breaches.Prosecutors noted that Zhao's failure to implement a proper AML program led to Binance facilitating transactions between U.S.users and individuals in sanctioned regions.
During a court hearing, Judge Richard Jones remarked that there was no evidence indicating Zhao was aware of any illegal activities at Binance.In addition to his prison sentence,Zhao agreed to pay a $50 million fine,while Binance faced a $4.3 billion penalty for its AML violations.Despite these legal challenges,Zhao's personal fortune remains intact,with the founders retaining a majority stake of approximately 90% in Binance.
