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
