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Former Binance CEO Changpeng Zhao (CZ) will be released from prison on September 29, 2024, after serving a four-month prison sentence for failing to implement effective anti-money laundering controls at Binance. The conviction was part of a larger investigation by the US Department of Justice that resulted in Binance paying a massive $4.3 billion fine. Zhao himself paid an additional $50 million fine and agreed to step down as CEO in November 2023.
While CZ has been banned from holding any executive positions at Binance for life, he remains the company’s largest shareholder and can influence the company’s decisions through his board nominations. As for his future, Zhao has hinted at new ventures in areas such as blockchain, artificial intelligence, and biotechnology, and even mentioned that he was working on an autobiography during his prison sentence.
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His release marks the end of this important chapter in his career, but the crypto world is keeping a close eye on what his next move will be, especially with his significant influence still evident on Binance.
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