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Binance founder Changpeng “CZ” Zhao has been released from a U.S. federal prison on September 27, after serving a reduced four-month sentence for violations related to Anti-Money Laundering (AML) rules. CZ, the wealthiest individual to serve a prison term in the U.S. with an estimated net worth of $60 billion, was initially sentenced after pleading guilty in November to charges concerning the failure to implement proper AML controls at Binance, the world’s largest cryptocurrency exchange.
In addition to the AML violations, CZ’s plea included charges related to unlicensed money transmitting and sanctions violations. Prosecutors argued that CZ knowingly allowed Binance to process transactions between U.S. users and users in sanctioned regions, including Iran, violating U.S. law.
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CZ’s sentence was a reduction from the original 36-month term the Department of Justice (DOJ) had sought, with the court citing insufficient evidence of his knowledge of illegal activities at Binance. He also paid a $50 million fine as part of the case, while Binance itself paid $4.3 billion in penalties for breaking U.S. AML laws.
After spending the first two months in a minimum-security prison in California, CZ was moved to a halfway house in Long Beach, where he was allowed supervised excursions during the day. While no longer involved in Binance’s day-to-day operations, a spokesperson expressed excitement about what CZ may do next. Binance, now led by a new team, continues to thrive, serving over 230 million users globally.
Despite the legal troubles, CZ retains a majority ownership of Binance, holding an estimated 90% stake in the exchange.
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