Binance founder and former CEO Changpeng Zhao was released from prison two days early after a four-month prison sentence in the United States.
The 47-year-old was initially scheduled to be released on September 29, but because the date fell on a weekend, federal rules allowed Changpeng Zhao to be released early, Long Beach Residential Reentry Management reported, Bloomberg. I mentioned.
The Binance (BNB) founder began his sentence in May 2024 after being accused of failing to implement proper anti-money laundering and sanctions regulations at Binance.
Chow received a relatively lenient sentence compared to the three-year prison term requested by the US Department of Justice.
In November 2023, Zhao and Binance pleaded guilty to violating anti-money laundering and US sanctions regulations. Some cases involved facilitating transactions for countries subject to US sanctions, including Iran and Cuba.
As part of his Plea dealThe US government asked Binance to pay $4.3 billion in fines, while Zhao personally paid a $50 million fine. He also agreed to step down from his position as CEO of the company.
The settlement prohibits Zhao from “managing or operating” the company, although specific details remain unclear.
While reports initially suggested a three-year ban, Binance CEO Richard Teng confirmed in a comment to Axios that Zhao had indeed received a lifetime ban from day-to-day management. However, he explained that Chow still retains all shareholder rights, including the ability to nominate board members and replace executives.
Despite his legal troubles and paying billions of dollars in fines, Zhao is still one of the richest people in 2024. According to Forbes Updated On the list of billionaires, Zhao ranks 25th overall with a net worth of $60.6 billion.
He is currently the richest person out of the 17 people from the cryptocurrency industry on the list.
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