- Binance founder Changpeng Zhao walks free after four-month sentence.
- In addition to his prison term, Zhao was ordered to pay a $50 million fine.
Binance crypto exchange founder Changpeng “CZ” Zhao is likely to be freed today after serving a four-month sentence split between prison and a halfway house.
Zhao’s release, set for September 29, is likely to be moved up a few days ahead of the weekend, according to official prison guidance.
Despite his legal troubles, Zhao’s fortune remains significant. Bloomberg’s estimates of billionaires puts his net worth between $30 billion and $60 billion.
The wide range in estimates is partly due to the unknown extent of his personal crypto holdings.
Although Zhao was forced to step down as CEO of Binance, he retains a substantial 90% ownership stake, according to an analysis by Forbes.
As part of his sentencing, Zhao was also prohibited from having any further involvement in the day-to-day operations of Binance. While his future plans remain unclear, Zhao has expressed a desire to focus on philanthropic efforts.
In April, the former crypto exchange chief pleaded guilty to charges of enabling money laundering at Binance. At his sentencing, he told the court, “I realise now the seriousness of that mistake.”
In addition to his prison term, Zhao was ordered to pay a $50 million fine, while Binance itself was fined $4.3 billion as part of the settlement.
Kyle Baird is DL News’ Weekend Editor. Reach out with tips at kbaird@dlnews.com.
