Changpeng Zhao (CZ), the co-founder of the world’s largest exchange, Binance, is finally walking free today after serving his four-month sentence for failing to implement anti-money laundering controls at Binance.
His release comes two days ahead of schedule due to a policy that allows inmates to leave custody early if a discharge date falls on a weekend.
He voluntarily returned to the United States in April to face the music, showing his willingness to take responsibility for his actions. CZ’s sentence was relatively short, considering prosecutors were pushing for three years, but his cooperation and guilty plea helped reduce the term.
CZ’s Prison Life
CZ’s time in federal custody was divided into two phases. Initially, he spent approximately two months at a minimum-security prison located in the California desert. This facility, designed for non-violent offenders, provided a relatively relaxed environment for Zhao to serve his sentence.
Zhao was later transferred to a halfway house in Long Beach, California, with fewer restrictions and more freedom. He was allowed to participate in supervised excursions and leisure activities, including watching movies.
According to prison officials, these outings were carefully monitored to ensure compliance with the terms of his release. The halfway house likely provided a stepping stone for Zhao to gradually readjust to life outside prison, preparing him for his eventual release.
What’s Next for CZ?
According to a statement made by Zhao during his hearing, he plans to dedicate his time and resources to providing free, quality education to underprivileged children worldwide via a platform he calls Giggle Academy.
In what appeared to be a goodbye tweet to his executive office at Binance, CZ clarified that he may invest in blockchain startups. As one of the most influential figures in the crypto market, Zhao’s next moves will likely significantly impact the industry.
Notably, with about $60 billion in his portfolio and experience and influence, the exchange’s co-founder has many opportunities ahead of him. Many are eager to see how he will leverage his resources and expertise.
At press time, Binance coin (BNB), the native token of the Binance-tied BNB Chain, had experienced a 0.57% increase within the last 24 hours.
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