Former Binance CEO CZ Released After Serving Four-Month Prison Sentence
- Chngpng Zho, formr CEO of Binance, ws rlsd ftr srving four months for AML violtions.
- Zhos guilty pl includd chrgs of unlicnsd mony trnsmission nd snctions violtions.
- Dspit lgl issus, Zho rtins 90% stk in Binance nd influncs th crypto industry.
Chngpng Zho, CZ,foundr nd formr CEO of Binance, ws rlsd from U.S. fdrl prison on Fridy, Sptmbr 27, ftr srving four months for violting Anti-Mony Lundring (AML) rgultions.
In Novmbr 2023, Zho pldd guilty to fdrl chrgs for not stblishing ffctiv AML msurs t Binance, th lrgst cryptocurrncy xchng by dily trding volum, s rportd by th U.S. Dprtmnt of Justic (DOJ). His guilty pl ld to his rsigntion s CEO, mrking significnt chng in ldrship t th prominnt xchng.
In April 2024, Chngpng Zho rturnd to th U.S. from Dubi to srv his sntnc, which strtd in minimum-scurity prison in southrn Cliforni. Aftr two months, Zho ws rloctd to hlfwy hous in Long Bch, whr h ws grntd suprvisd xcursions during dytim hours, s notd in Fortun rport publishd on Sptmbr 26.
Th DOJ initilly sought 3 yr prison sntnc for Zho to rflct th svrity of his offnss. Howvr, during n April 30 hring, Judg Richrd Jons of th Sttl District Court sntncd CZ to just four months. Judg Jons citd lck of dirct vidnc tht Zho hd bn informd of ny illgl ctivitis occurring t Binance, rducing th trm considrbly.
Th DOJs sttmnt mphsizd tht Zhos guilty pl involvd mor thn just brchs of AML rgultions; it lso includd unlicnsd mony trnsmission nd snctions violtions. Proscutors rgud tht Zho knowingly fcilittd trnsctions involving snctiond countris, joprdizing US lw.
Fines and Penalties for Binance and Zhao
As prt of his pl dl, Zho grd to py $50 million fin in Novmbr 2023. Binance itslf ws find substntil $4.3 billion for brking U.S. AML lws. Dspit th hfty fins, Zhos prsonl wlth hs not bn notbly impctd by th lgl procdings, with his nt worth rmining lrgly intct.
Whil Zho is no longr dirctly involvd in Binances dcision-mking procss, h rtins mjority stk in th compny, rportdly holding up to 90% of th xchng. Binances hd of rgionl mrkts, Vishl Schndrn, confirmd tht Zho will not b prt of th compnys ldrship going forwrd. Howvr, Zhos influnc ovr th crypto industry rmins profound.
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Read more: https://www.tronweekly.com/former-binance-ceo-cz-released/
Text source: TronWeekly
