Binance founder Changpeng Zhao released after 4-month jail sentence
What's the story
Changpeng "CZ" Zhao, the brain behind Binance, was released from a low-security US correctional facility on Friday after wrapping up a four-month sentence.
His punishment stemmed from a federal investigation, that found Binance had failed to stop rampant criminal activity on its platform.
CZ had pleaded guilty to the charges filed against him by the US Department of Justice (DOJ).
Legal resolution
Zhao paid hefty fine, agreed to step down from Binance
Besides serving his sentence, CZ also paid up a hefty $50 million fine and agreed to never be a Binance executive again. This was part of the deal with the DOJ.
Even with these legal headaches and stepping down from his executive role at Binance, CZ still holds about 90% of the company, as per Forbes.
CZ has a net worth of $61 billion, which makes him the 25th richest person in the world.
Settlement details
Binance hit with one of largest fines in US history
Binance has had to make a jaw-dropping $4.3 billion settlement to the US government, making it one of the biggest corporate fines in American history.
But even with all these legal hurdles and his exit from an active role at Binance, CZ is still a heavyweight in the cryptocurrency scene.
Future plans
Zhao announces new venture after release
Despite the legal hurdles, CZ is still rolling in dough.
Before the whole sentencing scene, he unveiled his latest venture, Giggle Academy—an educational platform that claims to make zero revenue.
Now that he's free from his sentence, CZ can dive into this new gig, which is currently looking for talent.