Changpeng Zhao released from custody, BNB rises above $600

Changpeng Zhao, the founder and former CEO of the world’s largest cryptocurrency exchange, has served his four-month prison sentence and has been released as of Friday.

Although he has stepped down as CEO of Binance, he remains the biggest stakeholder.

Recall the events that took place nearly a year ago when the US Department of Justice announced a massive $4.3 billion settlement with the then-CZ-led exchange.

This came after years of investigations by various entities, and Binance, as well as its founder, pleaded guilty to deliberately flouting the Bank Secrecy Act.

Zhao’s guild request was not to implement a strong anti-money laundering (AML) program. He had to resign as CEO of Binance and paid a fine of $50 million.

In late April, CZ was also slapped with a four-month prison sentence, which was far less than the three years requested. At that time, he said:

“I will do my time, conclude this phase and focus on the next chapter of my life (education). I will continue as a passive (and holder) investor in crypto. Our industry has entered a new stage. Compliance is very important. One good thing about this whole process is that Binance has been under the microscope. And the funds are SAFU. Protect users!”

His sentence was due to end on September 29, but as it falls on a Sunday, he was released on the last working day before the weekend, Friday.

Binance’s native token performed well during this week when CZ was supposed to launch. It is up 6% on a seven-day scale and is well above $600. According to some reports, Zhao still owns about 64% of the total supply of BNB.

CZ has said before that he already has ideas about what to do when he gets out of prison. Called Giggle Academy, the project will aim to provide free education in a gamified and adaptive way.

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