New York, Monday, September 30, 2024-Co-founder of Binance Changpeng Zhao was released from a US correctional facility on September 27 after serving a four-month sentence on September 27, Bloomberg reported.1
Zhao had been detained following a plea deal that resulted in a $4.3 billion fine for Binance due to compliance failures allowing illicit transactions.
Additionally, Zhao personally paid a $50 million fine as part of the settlement.
In his first public comments since his release, Zhao pledged to increase investments in blockchain, artificial intelligence, and biotechnology.
He announced a nonprofit initiative, Giggle Academy, an online education platform that will be a key focus of his future endeavors.
Zhao also emphasized his long-term commitment to philanthropy, stating that his approach is driven by “impact, not returns.”
Despite stepping down as Binance’s CEO under the plea deal, Zhao remains a central figure in the crypto industry. Richard Teng has taken over as CEO while Binance faces years of government monitoring by the US Department of Justice and Financial Crimes Enforcement Network (FinCEN).
With a net worth of over $30 billion, Zhao continues to play a vital role in the digital assets ecosystem, focusing on projects with lasting societal benefits.
- https://finance.yahoo.com/news/crypto-billionaire-zhao-vows-more-012904700.html[↩]
