Binance Founder CZ is a free man, a reality that dawned on him earlier than the scheduled date after 119 days in a California jail.
Binance Founder and former CEO Changpeng ‘CZ’ Zhao has been released from California Prison. This release came earlier than planned, as he was scheduled to complete his four-month sentence on Sunday, September 29.
Binance Founder Gets His Second Chance
Both positive and negative trends mark CZ’s journey. In 2017, he founded the world’s biggest trading platform by trading volume and user count. Despite CZ’s success with Binance, he fell short of regulators’ demands.
For about four years, the US Department of Justice (DoJ) launched a probe into the trading platform. The allegation was that Binance failed to observe proper Anti-Money Laundering (AML) checks. As such, the exchange allowed individuals from sanctioned regions to access the platform.
In December last year, Binance settled with the DoJ, FinCEN, and CFTC after agreeing to pay $4.3 billion. As part of the deal, CZ agreed to step down as CEO and was sentenced to 4 months in prison. This is part of a $50 million fine he had to pay personally.
Despite his early release, he spent 119 days in jail, and now, he has the chance to carve a new path for himself.
What Next For CZ?
It is hard to predict what the Binance Founder will do in the long term; however, two things are certain. The first is that he will no longer have any influence on Binance for life, and he will try to scale Giggle Academy.
CZ started Giggle Academy, a not-for-profit, academic platform for kids. He started the firm just before his jail term started in June, and he hired some staff to kickstart the organization.
Today, according to Forbes, Changpeng Zhao is considered the richest man in crypto, with a networth of $61 billion. In the long run, CZ has committed to giving away much of his wealth to serve humanity.
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