Binance founder 'CZ' has been released from custody after serving a four-month sentence.

Binance founder Changpeng “CZ” Zhao was released from U.S. custody on Friday after completing a four-month sentence in a low-security correctional facility.
Binance founder 'CZ' has been released from custody after serving a four-month sentence.

Binance founder Changpeng “CZ” Zhao was released from U.S. custody on Friday after completing a four-month sentence in a low-security correctional facility. His sentence stemmed from a federal investigation that revealed Binance's failure to prevent widespread criminal activities on the world's largest cryptocurrency exchange.

CZ pleaded guilty to the charges brought by the Department of Justice, paid a $50 million fine, and agreed to never hold an executive position at Binance again. Additionally, Binance was required to pay a $4.3 billion settlement to the U.S. government, marking one of the largest corporate fines in U.S. history. Despite these developments, CZ still holds an estimated 90% stake in Binance, according to Forbes, making him the 25th richest person in the world with a net worth of $61 billion.

Shortly before his sentencing, CZ announced his next venture: Giggle Academy, an education platform that claims to generate no revenue. He is now free to dedicate his time to this new company, which is currently in the process of hiring.

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2024-09-28 20:34:05