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- Binance ex-CEO CZ has been released after serving four months in prison for failing to implement a proper anti-money laundering program at Binance.
- CZ paid a $50 million personal fine, and Binance paid $4.3 billion as part of a settlement with the Justice Department.
- He stepped down as CEO, with Richard Teng taking over and focusing on expanding Binance globally and making it less private-managed.
Binance founder Changpeng Zhao, better known as CZ, has reportedly been released from the American prison he had to serve four months in after admitting guilt to money laundering charges.
Reportedly, a spokesperson for the Federal Bureau of Prisons said:
“For privacy, safety, and security reasons, we do not discuss any incarcerated individual’s conditions of confinement, reasons for transfer, or specific release plans.”
CZ’s main crime was failing to put a proper money laundering program at Binance.
What now?
Many in the community are expecting a rally in BNB and the broader market thanks to a highly-anticipated first-tweet-back from CZ.
None of that has happened yet as of press time. CZ had to pay the Justice Department a $50 million personal fine. Binance paid $4.3 billion.
As part of the settlement, CZ stepped down as Binance’s CEO and is not allowed to have an executive role in the company. His net worth is still estimated at around $30 billion.
Richard Teng took over for him and has focused on expanding Binance globally, via Asia and offshore markets. Teng has also made Binance less privatized by bringing in a Board of Directors.
But Yi He, one of the co-founders, was the one engaging more with the community in place of CZ during his absence.
Before his sentencing, CZ announced a new venture called ‘Giggle Academy.’ It is a non-profit online education platform designed to help kids learn.
In his step-down statement to Binance employees, CZ mentioned that he’d also be open to “being a coach/mentor” to upcoming entrepreneurs.
So the community mostly expects him to gravitate towards that once he settles down.
This is a developing story
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Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Jai Hamid
Jai Hamid has been covering crypto, stock markets, technology, the global economy, and the geopolitical events that affect markets for the past 6 years. She has worked with blockchain-focused publications including AMB Crypto, Coin Edition, and CryptoTale on market analyses, major companies, regulation, and macroeconomic trends. She has attended London School of Journalism and thrice shared crypto market insights on one of Africa’s top TV networks.
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