Former Binance CEO Changpeng Zhao to be released early: Report
On September 27, Fortune reported that Changpeng Zhao (CZ) would be walking out onto the streets of California as a free man two days before his official release date.
If the release date falls on a weekend, prisoners leave custody early, the newspaper reported. CZ was due to be released on September 29 after four months in prison.
A Binance spokesperson wrote that the company is “delighted” that CZ will be returning home with his family.
“While he does not run or operate Binance, we are excited to see what he does next. Since last year, Binance has continued to thrive under the leadership of our current team, surpassing 229 million users globally.”
Guess who's back
According to the report, CZ spent the first half of his sentence in a maximum-security prison in the California desert before being transferred to a halfway house in Long Beach for the last two months.
CZ is worth an estimated $60 billion, making him the fifth-richest person in the world, according to Fortune magazine. CZ is likely to be reunited with his family in Dubai or Paris after his release.
Binance founder CZ leaves prison Friday — with $60 billion fortune https://t.co/V71ythz0Zd
— Fortune Magazine (@FortuneMagazine) September 26, 2024
The mysterious founder of Binance was sentenced in late April for failing to implement adequate anti-money laundering controls at the exchange. He agreed to plead guilty to a criminal charge of violating the U.S. Bank Secrecy Act and pay a $50 million fine.
CZ was banned from daily activities at Binance as part of his settlement but remains the company's largest shareholder, potentially maintaining influence as the exchange no longer operates in the United States.
He may now focus on his charity project, Laughter Academy, which aims to provide free education to underprivileged children around the world.
Binance reached a $4.3 billion settlement with the U.S. Treasury, Commodity Futures Trading Commission, and Department of Justice in November 2023. However, the company is still embroiled in a legal battle with the Securities and Exchange Commission.
BNB price reaction
The exchange’s native cryptocurrency, BNB, has surged to a two-month high, surpassing $600 for the first time since late July.
The asset hit an intraday high of $609 before pulling back to $603 during the Asian trading session on Friday morning.
The asset has gained 26% over the past three weeks as crypto markets recover.
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