Binance founder 'CZ' released from custody after four-month sentence
Binance founder Changpeng “CZ” Zhao was released from U.S. custody on Friday after serving out his four-month sentence in a low-security correctional facility. CZ’s sentence was the product of a federal investigation that found Binance had failed to stop widespread criminal activity on the world’s largest cryptocurrency exchange.
CZ pleaded guilty to the DOJ’s charges, paid a $50 million fine, and agreed to never be a Binance executive again. Binance was forced to pay a $4.3 billion settlement to the U.S. government, one of the largest corporate fines in U.S. history. However, CZ still retains an estimated 90% stake in Binance, according to Forbes, making him the 25th richest person in the world with a $61 billion net worth.
Shortly before his sentencing, CZ announced his next project: Giggle Academy, an education platform that claims to bring in no revenue. He’ll be free to spend his days working on that company now, which is actively hiring.
