Binance Founder CZ Zhao Released From U.S. Prison
Advertisement
Changpeng “CZ” Zhao, the founder of %Cryptocurrency exchange %Binance, has been released from U.S. prison after serving four months for violating America’s Bank Secrecy Act (BSA).
Advertisement
Are you looking for signals & alerts from pro-traders? Sign-up to Invezz Signals™ for FREE. Takes 2 mins.
Zhao, who is a Canadian citizen, pled guilty to violating the Bank Secrecy Act, as well as failing to set up an adequate know-your-customer (KYC) program at Binance during his tenure running the crypto exchange.
Advertisement
In April, Zhao was sentenced to four months in prison and agreed to pay a $50 million U.S. fine as part of a plea deal with U.S. authorities.
Zhao also agreed to step down as CEO of Binance. Separately, Binance agreed to pay a $4.3 billion U.S. fine to various U.S. regulators to settle charges related to compliance violations.
Now, the U.S. Bureau of Prisons says that Zhao has been released and is a free person.
Zhao entered a plea agreement to avoid a potentially lengthier prison term, with federal prosecutors seeking three years behind bars for the crypto billionaire.
Zhao served three months in a low-security prison located in Lompoc on California’s central coast.
In August, he was transferred to a halfway house in San Pedro, California before being released on Sept. 27.
With an estimated net worth of $25.3 billion U.S., Zhao is believed to be the richest person to ever go to prison in the U.S. He is also listed as Canada’s richest individual person.
It is not clear where Zhao will reside now that he has been released from the U.S. prison system and what his plans are after dissociating himself from the Binance crypto exchange.
Invezz.com partners with a wide range of publishers to ensure our readers get the most up to date news. The original press release was published here.
This article is a collaboration between our Editors and our Partners, and it may contain sponsored advertising content and links. The content is not intended as financial advice and is for informational purposes only.
Advertisement
Want easy-to-follow crypto, forex & stock trading signals? Make trading simple by copying our team of pro-traders. Consistent results. Sign-up today at Invezz Signals™.