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Sujit Kumar
Sep 28, 2024

Binance Founder CZ Released from California Facility After Four-Month Sentence

Changpeng Zhao
Changpeng Zhao (CZ), founder of Binance, has been released after serving a four-month sentence in California for failing to implement proper anti-money laundering protocols at the crypto exchange. Upon his release, CZ took to Twitter with a simple “gm” (good morning), sparking excitement among the crypto community. His tweet garnered over a million views within an hour, reflecting his continued influence in the space.

Guilty Plea and Heavy Fines

CZ’s release comes after a guilty plea in November, where he was fined $50 million personally, while Binance was required to pay a staggering $4.3 billion in fines to settle various violations of anti-money laundering and sanctions laws. As part of the settlement, CZ resigned from his role as Binance CEO and is barred from ever serving in an executive position at the company.

Future Ventures: Giggle Academy

Despite his legal challenges, CZ’s estimated $60 billion fortune still makes him one of the wealthiest individuals globally. After stepping down from Binance, he has announced his next project, the Giggle Academy, an education initiative. This non-profit venture aims to provide free education and is currently in the hiring phase. Now that CZ is free, he can focus entirely on building this new platform.

Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Binance Founder CZ Released from California Facility After Four-Month Sentence
Sujit received his Bachelors in Science from the LNMU Darbhanga. He is currently working as a Content Strategist. He has more than three years of professional experience in information systems, security policies, technologies, and Cryptocurrency. He has published 6 books in the area of information security and assurance. He has published more than 50 research articles in leading journals Regarding the Latest and Breaking Crypto News and updates. His research interests include access control, computer forensics, Digital Marketing, Web development, business hacks, player experience, and virtual storytelling.