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 ahead of schedule, was due to federal guidelines allowing inmates to be released before weekends or holidays.

His incarceration stemmed from a guilty plea to charges related to violations of anti-money laundering (AML) regulations during his time as CEO of Binance.

Binance Founder Changpeng CZ Zhao Released

Zhao’s release marks the end of his 118-day sentence, which began in April after he was convicted of failing to implement an effective anti-money laundering program at Binance. In addition to the prison sentence, Zhao was ordered to pay a $50 million fine. Binance itself faced a hefty penalty of $4.3 billion, one of the largest settlements in corporate history.

The U.S. Department of Justice initially sought a much longer sentence, citing Zhao’s alleged intentional violations of financial laws for personal and corporate gain. Zhao’s legal team argued that he had taken full responsibility for his actions and expressed remorse, which led to a reduced sentence.

His early release was confirmed by a spokesperson for the Federal Bureau of Prisons, who refrained from providing specific details about the conditions of his confinement, citing privacy policies.

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The post Breaking: Binance Founder Changpeng “CZ” Zhao Released Early From Custody appeared first on CoinGape.

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Filed under: News - @ September 27, 2024 9:27 pm