Changpeng Zhao (CZ), founder and former CEO of crypto exchange Binance, was released today after serving a four-month prison sentence in the United States (US).
Violation of anti-money laundering rules
In April, Zhao was arrested over his platform’s failure to comply with anti-money laundering regulations. Binance is said to have taken insufficient measures to prevent criminal activities such as money laundering and terrorist financing from taking place via the platform. Specifically, Zhao was faulted for failing to implement the required controls that financial institutions typically use to detect and report suspicious transactions to authorities.
Punishment and conditions of detention
Zhao was sentenced to four months in prison. He spent the first part of his sentence in a minimum security prison, after which he was transferred to a semi-open house in California, where inmates have more freedoms.
CZ’s assets
With a personal fortune of approximately $60 billion, CZ is one of the 25 richest people in the world. During his captivity he was the richest inmate in the world. Although Zhao will not return as CEO of Binance and has no ambitions to take on a direct role in the company, he remains the largest shareholder.
Future plans
It is still unclear what exactly CZ will do after his release. Presumably he will first spend time with his family in Dubai or Paris, where his children live. In addition, Zhao would like to expand his philanthropic activities. Before his incarceration, he launched the Giggle Academy project, which provides free educational resources for children worldwide.
Source: https://newsbit.nl/changpeng-zhao-oprichter-van-binance-vrijgelaten-na-vier-maanden-celstraf/
