Changpeng Zhao Released; BNB Surpasses $600 After Custody

Changpeng Zhao, the founder and former chief executive of the largest cryptocurrency exchange globally, has completed a four-month prison sentence and has been released from custody as of Friday.

Although he has resigned from his position as CEO of Binance, he remains the largest shareholder.

Recall the significant events nearly a year ago when the US Department of Justice announced a substantial $4.3 billion settlement with the exchange previously led by Zhao.

This decision followed years of investigations by various agencies, during which Binance and its founder pleaded guilty to violations of the Bank Secrecy Act.

Zhao’s guilty plea was primarily for not establishing a robust anti-money laundering (AML) program. As a result, he stepped down as CEO and faced a $50 million fine.

In late April, CZ was also sentenced to four months in prison, significantly shorter than the three years initially sought. At that time, he stated:

“I will serve my time, close this chapter, and focus on the next phase of my life (education). I will remain a passive investor (and holder) in crypto. Our industry has entered a new phase. Compliance is extremely important. A silver lining of this process is that Binance has been closely examined. And funds are SAFU. Protect users!”

His sentence was due to conclude on September 29, but since that date was a Sunday, he was released on the preceding Friday, the last working day before the weekend.

During the week leading up to CZ’s release, Binance’s native token saw positive performance, rising by 6% over seven days and trading significantly above $600. According to some reports, Zhao retains approximately 64% of BNB’s total supply.

CZ has indicated that he already has plans for activities following his prison release. His initiative, called Giggle Academy, aims to provide free education in a gamified and adaptive format.