On Sept. 27, Fortune reported that Changpeng Zhao (CZ) will step out onto the streets of California as a free man two days before his official release date.
The outlet reported that if a release date falls on a weekend, inmates leave custody early. CZ was scheduled for release on Sept. 29 following four months in prison.
A Binance spokesperson reportedly wrote that the firm is “delighted” that CZ will be home with his family.
“While he is not managing or operating Binance, we are excited to see what he does next. Since last year, Binance has continued to thrive under the leadership of our current team, surpassing 229 million users globally.”
Guess Who’s Back
According to the report, CZ spent the first half of his sentence at a minimum security prison in the California desert before being transferred to a halfway house in Long Beach for the last two months.
CZ has an estimated fortune of $60 billion, making him the 25th wealthiest person globally, Fortune reported. He is likely to reunite with his family in Dubai or Paris upon release.
Binance founder ‘CZ’ leaves prison on Friday—along with his $60 billion fortune. https://t.co/V71ythz0Zd
— FORTUNE (@FortuneMagazine) September 26, 2024
The enigmatic Binance founder was sentenced in late April for failing to implement proper anti-money laundering controls at the exchange. He agreed to plead guilty to a felony charge related to violations of the US Bank Secrecy Act and pay a $50 million penalty.
CZ is barred from day-to-day activities at Binance as part of his settlement but remains the company’s largest shareholder, potentially maintaining influence since the exchange no longer operates in the United States.
He may now focus on his philanthropic ‘Giggle Academy’ project, aiming to provide free education for underprivileged children worldwide.
Binance settled with the US Treasury, Commodity Futures Trading Commission (CFTC), and Justice Department in November 2023 for $4.3 billion. It is still embroiled in a legal battle with the Securities and Exchange Commission, however.
BNB Price Reaction
The native token for the exchange, BNB, climbed to a two-month high, topping $600 for the first time since late July.
The asset hit an intraday high of $609 before retreating to $603 during the Friday morning Asian trading session.
The asset has made 26% over the past three weeks as crypto markets recovered.
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