Outside Source
Binance founder and former CEO Changpeng Zhao has been released from prison two days early after a four-month sentence in the United States.
The 47-year-old was initially scheduled to be released on Sept. 29, but due to the date falling on a weekend, federal rules allowed Changpeng Zhao an early release from Long Beach Residential Reentry Management.
The Binance (BNB) founder began his sentence in May 2024 after being indicted for failing to implement proper anti-money laundering and sanctions regulations at Binance.
Zhao received a relatively lenient sentence compared to the three-year term that the U.S. Department of Justice had sought.
In November 2023, Zhao and Binance pleaded guilty to violations of U.S. anti-money laundering and sanctions regulations. Some of the cases involved facilitating transactions for countries under U.S. sanctions, including Iran and Cuba.
As part of his plea deal, the US government required Binance to pay $4.3 billion in fines, while Zhao personally paid a $50 million fine. He also agreed to step down from his position as CEO of the company.
The settlement prohibits Zhao from “managing or operating” the company, though the specific details remain unclear.
While reports initially suggested a three-year ban, Binance CEO Richard Teng confirmed in a commentary to Axios that Zhao has actually received a lifetime ban from day-to-day management. However, he clarified that Zhao still retains all shareholder rights, including the ability to nominate board members and replace executives.
Despite his legal troubles and paying billions of dollars in fines, Zhao remains one of the richest people in 2024. On Forbes updated billionaire list, Zhao holds the number 25 spot in the overall rankings with a net worth of $60.6 billion.
He is currently the number one wealthiest person out of the 17 people from the cryptocurrency industry featured on the list.
This article first appeared at crypto.news
