Former Binance CEO, Changpeng Zhao (CZ), has been released from U.S. custody after serving a four-month sentence for his involvement in compliance breaches at the cryptocurrency exchange.
The sentence, part of a plea deal, also included a $50 million fine and Zhao stepping down from his leadership role. Despite the legal setback, Zhao’s substantial wealth remains intact, and he has turned his attention to a new endeavor – Giggle Academy.
Zhao pleaded guilty in November 2023 to charges of failing to maintain adequate anti-money laundering (AML) measures. This oversight allowed Binance to be exploited by cybercriminals and terrorist groups. As a result, Binance faced significant financial penalties, and Zhao agreed to pay a hefty fine.
The ex-CEO began serving his sentence in June at a low-security facility and later transferred to a halfway house in Long Beach. Following the completion of his sentence, Zhao was released on Friday. Binance, under the leadership of Richard Teng, continues to be a major player in the cryptocurrency market. The company has recently appointed its first board of directors but is yet to establish a permanent global headquarters.
Zhao’s net worth, estimated to be around $30 billion by Bloomberg Wealth, remains substantial despite the legal challenges. Looking ahead, Zhao has expressed interest in new ventures, including Giggle Academy, a non-profit online education project. He has also indicated a desire to mentor aspiring entrepreneurs.
