The post Binance Founder Changpeng CZ Zhao Released Early From Custody appeared on BitcoinEthereumNews.com.

Binance Founder Changpeng “CZ” Zhao has been released from custody on Friday, following the completion of a four-month prison sentence. Zhao’s early release, two days before the scheduled date was in line with the federal parole rules that allows an inmate to be released before the weekend or a public holiday. He was arrested due to pleading guilty to charges associated with the breach of AML laws while he was holding the position of the CEO of Binance. Binance Founder Released After Serving 118 Days in Prison Zhao’s 118 days in prison have come to an end, following his conviction in April, for not putting in place measures against money laundering at the exchange. Besides the prison sentence, Zhao was also fined $50 million. Binance, the exchange in focus, was fined $4.3 billion which is one of the largest penalties levied against a company. The U.S. Department of Justice had initially asked for a longer term saying that Zhao had acted deliberately to break financial laws to benefit himself and his company. Zhao’s legal representatives also claimed that he has accepted blame for the incident and showed remorse and this was one of the reasons that caused the reduction of the given sentence. His early release was confirmed by a spokesperson for the Federal Bureau of Prisons, who did not disclose any specific information concerning his detention, due to the provisions of privacy laws. Richard Teng Leads Transition Since Zhao resigned as the CEO of the Crypto exchange, the company has been run by Richard Teng, who used to work for the regulator in Abu Dhabi. Teng has been working on compliance with the regulations across the globe in the Binance exchange. His leadership has brought in what he calls “Binance 2.0,” a new phase of the exchange where the…

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Filed under: News - @ September 28, 2024 4:20 am