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Binance Founder CZ Released from Prison Two Days Early with $60 Billion Fortune

Sep 27, 2024, 08:37 AM

Binance founder and former CEO Changpeng 'CZ' Zhao has been released from Long Beach Residential Reentry Management today, two days ahead of his scheduled release date due to a weekend release policy. Zhao served 119 days of a four-month sentence for violating the U.S. Bank Secrecy Act by failing to implement an adequate know-your-customer (KYC) program at Binance. Despite resigning as CEO, Zhao remains the largest shareholder of Binance and retains his $60 billion fortune. His early release coincides with a major upgrade at Binance, which is expected to cause temporary service disruptions. Zhao's release is seen as a significant event in the crypto community, with many anticipating positive market movements.