Binance Founder Changpeng Zhao Officially Released From Prison
After successfully serving his four-month sentence, Binance founder Changpeng Zhao has officially been released from Prison. Indeed, the crypto exchange former CEO was sent home from California’s Lompoc II detention center, a low-security prison on the central coast of California.
Zhao had long been the face of one of the crypto’s most powerful brands. Yet, a US Department of Justice investigation resulted in federal charges on the platform. Both Zhao and the exchange plead guilty, with the latter agreeing to pay a $4 billion financial penalty for its various violations.
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Changpeng Zhao Officially Released From Prison After Four-Month Sentence
Binance and Changpeng Zhao once sat atop the entire cryptocurrency sector. The firm was among its most powerful brands and the most trusted exchange platforms on the market. Yet, that took a slight turn in November of 2023.
The US Department of Justice charged the platform with violating anti-money laundering laws, unlicensed money transmitting, and sanctions violations. As a result, the company paid the “largest corporate resolution to include criminal charges for an executive.
Moreover, the founder of the platform would resign, being barred from taking a management position at the firm ever again. Moreover, he would be given a four-month prison sentence. Although that paled in comparison to the three years prosecutors sought for the exchange’s head.
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Now, Binance founder Changpeng Zhao has officially been released from prison following the conclusion of those four months. Indeed, the crypto sector is anxiously awaiting what will come next for Zhao. Even Binance has expressed interest in that fact while wishing the founder all the best.
“We are delighted that CZ will be home with this family,” the exchange said in a statement. “While he is not managing or operating Binance, we are excited to see what he does next,” they added.