Changpeng Zhao (CZ), the founder and former CEO of Binance, has been released from prison after serving 119 days. This was reported by Watcher Guru via their official X account.
Legal Issues in 2024
In 2024, Zhao faced significant legal issues after allegations of not adhering to U.S. anti-money laundering (AML) laws. This allowed some bad actors to misuse the platform. To settle matters with the U.S. Department of Justice, Binance paid a hefty $4.3 billion fine. Zhao also stepped down as CEO and paid a personal fine of $50 million.
Imprisonment and Conditions
In April 2024, Zhao received a four-month prison sentence after admitting guilt to charges related to Binance’s AML violations. He served his time in a low-security federal facility in California. Initially suggested to be three years, his sentence was reduced due to a plea deal and favorable factors like his character and his lack of direct involvement in some violations.
Market Reaction
At the time of the news release, BNB showed no significant price movement, remaining around the $600 mark. However, it did see a 2% rise today.
Binance founder Changpeng Zhao has been released from prison after fulfilling all terms of his sentence. Despite the events, BNB's price has remained stable, indicating potential resilience in the market.
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