Binance CZ was released after serving a four-month sentence

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Binance founder Changpeng Zhao was released from a California correctional facility on Friday. Zhao, 47, had been in federal custody for failing to implement an adequate anti-money laundering program at Binance.

This allowed cybercriminals and terrorist groups to trade on the world’s largest cryptocurrency exchange. Scott Taylor, a spokesman for the Bureau of Prisons, confirmed Zhao’s release from a halfway house in Long Beach, California.

Zhao has been serving a four-month sentence in a low-security facility since June.

In addition, Zhao agreed to a personal fine of $50 million, while Binance paid $4.3 billion in penalties to settle allegations of violating anti-money laundering and sanctions laws.

Following the settlement, Zhao resigned as CEO of Binance and was barred from any executive role in the company.

Despite these problems, Binance remains a key player in the crypto exchange market, led by Richard Teng and co-founder Yi He. The company recently appointed its first board of directors, but has not announced a global headquarters.

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