Changpeng Zhao to Be Released Early from California Prison
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Binance expressed joy over his release, noting, "While he is not managing or operating Binance, we are excited to see what he does next." Despite CZ’s absence, the crypto exchange continues to thrive, boasting over 229 million global users.
Details of Imprisonment
CZ served his sentence in a minimum-security prison in California before being moved to a halfway house in Long Beach. The billionaire, estimated to have a net worth of $60 billion, was sentenced in April for failing to implement adequate anti-money laundering controls at Binance. He pleaded guilty to violating the US Bank Secrecy Act and paid a $50 million fine.
As part of his settlement, CZ is barred from direct involvement in Binance’s day-to-day activities, though he remains the company’s largest shareholder. Binance, no longer operating in the U.S., continues to face legal issues, including an ongoing battle with the U.S. Securities and Exchange Commission (SEC).
BNB Token Surges
Following the news of CZ’s impending release, Binance’s native token, BNB, saw a significant price increase, hitting a two-month high of $609. The asset has surged 26% in the past three weeks, fueled by a broader market recovery.