Changpeng Zhao (CZ), former CEO and cofounder of Binance has been released from jail after completing a 4-month sentence. Notably, Friday, September 27 marked CZ’s jail term completion. Zhao was jailed for breaching the Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) laws on the Binance exchange platform.
During legal tussles in late 2023 and early 2024, Zhao pled guilty and finally settled with the US prosecutors. In the settlement, Binance would pay a fine of $4.3 billion while Zhao spent 4 months in prison.
After his release from a correctional facility in Long Beach California, CZ’s days of legal confrontations are over. With an estimated net worth of $61.5 billion making him the 25th richest person in the world, Zhao has many future opportunities.
CZ Binance Released, What’s Next For the Billionaire?
As expected, many speculations rose over Zhao’s release and what it would mean for the crypto community. Certainly, the former CEO will not return to Binance as part of its plea deal in November 2023. As stated in the deal, Zhao was banned from future involvement in Binance’s management or operations. However, CZ is still a major stakeholder in the exchange company.
When he resigned as Binance CEO in November following legal issues, CZ made a post on X, heralding his successor and stating his likely future ventures. “I know it is the right thing to do. I made mistakes, and I must take responsibility. This is best for our community, for Binance, and for myself,” said Zhao.
In the post, he talked about a much-needed break for himself, after tedious service in Binance as CEO for years. Zhao further stated he will assume a more passive role in the crypto ecosystem. “I will probably do some passive investing, being a minority token/shareholder in startups in areas of blockchain/Web3/DeFi, AI and biotech.“
Moreover, CZ stated that he was satisfied with his achievements in Binance as a startup entrepreneur. Accordingly, he wouldn’t be launching any company again, describing Binance as a “lucky one-shot”.