Changpeng Zhao, the founder of cryptocurrency exchange Binance, has been released from federal custody after serving a four-month sentence for failing to implement adequate anti-money laundering measures.
After CZ’s Release, Richard Teng Will Continue to Manage Binance
Zhao, 47, pleaded guilty in November to charges related to Binance’s role in facilitating illicit activities by cybercriminals and terrorist groups. The exchange, which processes trillions of dollars in trades annually, paid a $4.3 billion settlement and agreed to several conditions, including Zhao’s resignation as CEO.
Despite the legal challenges, Binance remains a dominant force in the cryptocurrency market. Zhao’s net worth is estimated at around $30 billion, and the exchange is now led by Richard Teng, a former head regulator for Abu Dhabi Global Market.
Zhao’s release marks a new chapter for both himself and Binance. He has announced plans to focus on philanthropic endeavors, including Giggle Academy, a nonprofit online education platform. Additionally, Zhao has expressed interest in mentoring upcoming entrepreneurs.
