On September 28, Bloomberg reported that Changpeng Zhao, also known as CZ, had been released from prison. This news caused a significant stir in the cryptocurrency community, as CZ is a prominent figure in the industry, and any news related to him can impact the market. Following his release, there was a slight increase in token prices.
A spokesperson for the US Federal Bureau of Prisons confirmed that Changpeng Zhao had completed his prison sentence and returned. CZ’s first post on social media after his release received significant attention, with millions of views, likes, and comments expressing joy and congratulations.
Binance, the cryptocurrency exchange founded by CZ, expressed their happiness at his return to his family. Despite no longer managing the company, Binance welcomed CZ’s steps forward.
Following his guilty plea, Richard Teng, Binance’s former Global Regional Market Director, was appointed as the new CEO. Binance’s operations continued, surpassing 230 million global users, with Yi He, Binance’s co-founder, appearing more regularly.
Changpeng Zhao announced his resignation as CEO of Binance in November 2023, admitting to mistakes and taking responsibility for non-compliance with anti-money laundering regulations. He was sentenced to 4 months in prison and a fine of $50 million. Binance was fined $4.32 billion and had to grant the Treasury Department access to its records under a five-year monitoring term.
Despite the upheaval caused by CZ’s guilty plea, Binance quickly regained stability, maintaining its position as the world’s largest cryptocurrency exchange. Changpeng Zhao’s net worth increased to about $30 billion during his time in prison, according to Bloomberg.
Changpeng Zhao, born in 1977, graduated in information technology from McGill University in Canada. He founded Binance in 2017 and led it to become the world’s largest blockchain ecosystem.
Before his sentencing, CZ announced a non-profit online education platform called Giggle Academy and expressed his willingness to mentor future entrepreneurs.