Binance founder CZ has been released from prison. This news was broken by Watcher Guru a few minutes ago via their official X account. He served 119 days in prison.
Changpeng Zhao (CZ), the founder and former CEO of Binance, faced major legal issues in 2024. The trouble started when Binance was accused of not following U.S. anti-money laundering (AML) laws.
This allowed some bad actors to misuse the platform. To settle things with the U.S. Department of Justice (DOJ), Binance had to pay a huge $4.3 billion fine. CZ also stepped down as CEO and paid a personal fine of $50 million.
In April 2024, CZ got a four-month prison sentence after admitting guilt to charges linked to Binance’s AML violations. He did his time at a low-security federal facility in California. His sentence was shorter than the initial three-year suggestion due to a plea deal and some factors in his favor, like his character and not being directly involved in some of the violations.
Interestingly, the BNB price hasn’t really reacted to this news yet. A few minutes after the story broke, it was still hanging around the $600 mark. However, it’s up 2% today.
Read also: XRP’s Epic Climb Awaits: Accumulation Phase Sets Stage for Record Highs
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