Changpeng Zhao, the founder and former CEO of the world's largest cryptocurrency exchange Binance, has completed his four-month prison sentence and was released from custody on Friday.
Release of Changpeng Zhao
Zhao was released from custody on Friday, as his sentence was supposed to end on Sunday. He remains the largest stakeholder in Binance, despite stepping down as CEO.
Reasons for Arrest and Investigation
Nearly a year ago, the US Department of Justice announced a massive $4.3 billion settlement with Binance, then-led by Zhao. This followed years of investigations from various entities. Zhao pleaded guilty to violating the Bank Secrecy Act and paid a $50 million fine. In late April, Zhao received a four-month prison sentence for failing to implement strong anti-money laundering measures.
Future Plans of Changpeng Zhao
Following his release, Zhao plans to focus on a new educational project called Giggle Academy. The project will aim to provide free education in a gamified and adaptive manner.
Changpeng Zhao has completed his prison sentence and has been released. He remains the largest stakeholder in Binance and plans to focus on educational initiatives in the future.
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