Binance founder Changpeng Zhao released after 4 months in prison

What’s the story?

Binance mastermind Changpeng “CZ” Zhao was released from a low-security US prison on Friday after serving a four-month sentence.

His punishment stemmed from a federal investigation that found Binance failed to stop rampant criminal activity on its platform.

CZ pleaded guilty to the charges brought against him by the United States Department of Justice (DOJ).

Zhao paid a hefty fine and agreed to step down from Binance

In addition to serving his sentence, CZ also paid a hefty fine of $50 million and agreed to never serve as a Binance executive again. This was part of the agreement with the Department of Justice.

Despite these legal issues and stepping down from his leadership position at Binance, CZ still owns approximately 90% of the company, according to Forbes.

CZ is worth $61 billion, making him the 25th richest person in the world.

Binance received one of the largest fines in US history

Binance had to make a staggering settlement to the U.S. government of $4.3 billion, making it one of the largest corporate fines in American history.

But even with all these legal hurdles and his departure from his active role at Binance, CZ is still a heavyweight in the cryptocurrency scene.

Zhao announces new venture after release

Despite legal hurdles, CZ is still going ahead.

Before the entire sentencing scene, he unveiled his latest venture, Giggle Academy, an educational platform that claims to generate zero revenue.

Now that he is free from his sentence, CZ can move on to his new job, which is currently looking for talent.