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Binance Founder CZ Released After Serving 119 Days for Bank Secrecy Act Violation

Sep 27, 2024, 01:44 PM

Changpeng Zhao, the founder of Binance, has been released from U.S. custody today, two days ahead of his scheduled release date. Zhao, known as CZ, served 119 days in prison after pleading guilty to violating the Bank Secrecy Act by failing to implement an adequate know-your-customer (KYC) program at Binance. He was sentenced to four months in prison and spent time in minimum security and in Long Beach. Despite resigning as CEO, CZ remains the largest shareholder of Binance, with a fortune estimated at $60 billion. His early release is attributed to a U.S. Bureau of Prisons rule that allows for early release if the scheduled date falls on a weekend. A Binance spokesperson expressed happiness over CZ's return, noting that he will reunite with his family but will not be giving any interviews at this time.