The founder of Binance, Changpeng Zhao has been released after serving a four-month sentence in a California correctional facility.
He faced charges related to regulatory breaches, specifically for failing to enforce anti-money laundering protocols at his exchange.
Known as “CZ,” the 47-year-old returned to the US from Dubai earlier this year to address these legal issues.
Binance remains the world’s largest cryptocurrency exchange by trading volume.
Zhao was released two days early from a low-security facility in Long Beach, California, due to standard practices for weekend release dates.
Since launching in Shanghai in 2017, he has transformed Binance into the world’s largest cryptocurrency exchange.
He reported to the facility in June after agreeing to a $50 million personal fine as part of a settlement with US authorities.
Binance also settled separately, paying $4.3 billion for allegations related to anti-money laundering and sanctions breaches.
Despite his legal challenges, Zhao exits custody with a personal fortune estimated at $60 billion, making him one of the world’s wealthiest individuals.
His future plans are unclear, and his lawyer stated that he will not be giving interviews following his release.
Zhao had announced plans for a post-Binance initiative called Giggle Academy, an online educational platform aimed at providing free learning resources to underprivileged children.
Although still in its early stages, this project highlights his intention to focus on global philanthropic efforts. While he has officially stepped back from his leadership role at Binance, his status as the largest shareholder allows him to maintain significant influence over the exchange’s future.
