Changpeng Zhao, the CEO of Binance called CZ, is scheduled to be released from federal custody on Friday following a four-month imprisonment. Zhao, the founder of Binance, was convicted earlier this year for not implementing adequate anti-money laundering measures at the exchange. He was released 2 days ahead of schedule because all prisoners are released earlier if their release date is a weekend. Zhao now leaves prison with an estimated worth of $60 billion.
Zhao, 47, served part of his sentence at a minimum-security prison in California before transferring to a halfway house in Long Beach. During his time in custody, he was able to make supervised outings and had limited freedom. As his release day approaches, Zhao is expected to reunite with his family, including his children who live in Dubai or Paris. His former partner, He Ye, also a top Binance executive, resides with the children.
As Zhao stressed in his statements, he plans to focus on philanthropy in the future; the judge acknowledged this aspect of Zhao. In his speech at the court, the man stated that he would like to spend his time helping to educate poor children. Before he was imprisoned, he created Giggle Academy, a site that claimed to provide educational resources for free. The project, nonetheless, is in its infancy.
Know the Complete Story of Changpeng Zhao
Zhao’s influence in the cryptocurrency space has not waned despite his current legal woes. Although he is prohibited from being the company’s Chief Executive Officer, he remains Binance’s largest shareholder. As a major shareholder, Zhao has the privilege of making decisions, especially regarding the direction of the firm.
While Zhao has stepped down as CEO, Binance continues to operate under new leadership. The company now serves over 229 million users worldwide. A Binance spokesperson expressed excitement for Zhao’s release and anticipated his future ventures, though the details of his next steps remain unclear.
