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News

Binance Founder CZ Posted First Tweet Since Released From Prison

2 hours ago - Around 2 mins mins to read

Key Points:

  • Binance founder CZ marked his return to social media with a tweet greeting the crypto community, which quickly gained over 1 million views in just one hour.
  • CZ was released from a California correctional facility after completing a four-month sentence related to inadequate anti-money laundering practices.
Binance founder CZ has been released from a California correctional facility after serving a four-month sentence for failing to institute adequate anti-money laundering processes at the cryptocurrency exchange.
Binance Founder CZ Posted First Tweet Since Released From Prison

Read more: CZ BNB Holdings Account For 64% Of Circulating Supply, Forbes Reveals

First Post-Prison Tweet from Binance Founder CZ

Following his release, the first tweet from Binance founder CZ in four months came with a simple “gm” to greet the crypto community. The tweet generated quite some excitement, gathering more than 1 million views in one hour.

Zhao was released after pleading guilty in November to charges brought by the Department of Justice. Scott Taylor, a reporter at the Bureau of Prisons, said Zhao had been released from Long Beach halfway house in California.

In June CZ was ordered to report to a low-security facility to begin serving his sentence, part of a plea deal related to serious allegations about how Binance operated since its founding in Shanghai in 2017. The exchange has grown to a global operation that facilitates trillions of dollars in trades each year.

Guilty Plea Involves Millions of Dollars in Personal Fine

Binance founder CZ pleaded guilty to a personal fine of $50 million. Other than that, Binance was asked to pay an incredible amount of $4.3 billion while settling the case involving a long list of anti-money laundering and sanction laws violations.

As a result of the settlement, Zhao stepped down as chief executive of Binance and is prohibited from ever serving as an officer with the firm in the future. Zhao is the wealthiest individual ever to be imprisoned in the United States. His estimated net worth exceeds $60 billion, placing him as the 25th-wealthiest individual globally.

In an announcement shortly before his sentencing, Zhao unveiled his plans for his next venture: Giggle Academy, an education platform now hiring. He is now free to focus on this project, which reportedly does not aim for revenue generation.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Binance

Binance Founder CZ

Changpeng Zhao

CZ

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Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
News

Binance Founder CZ Posted First Tweet Since Released From Prison

Key Points:

  • Binance founder CZ marked his return to social media with a tweet greeting the crypto community, which quickly gained over 1 million views in just one hour.
  • CZ was released from a California correctional facility after completing a four-month sentence related to inadequate anti-money laundering practices.
Binance founder CZ has been released from a California correctional facility after serving a four-month sentence for failing to institute adequate anti-money laundering processes at the cryptocurrency exchange.
Binance Founder CZ Posted First Tweet Since Released From Prison

Read more: CZ BNB Holdings Account For 64% Of Circulating Supply, Forbes Reveals

First Post-Prison Tweet from Binance Founder CZ

Following his release, the first tweet from Binance founder CZ in four months came with a simple “gm” to greet the crypto community. The tweet generated quite some excitement, gathering more than 1 million views in one hour.

Zhao was released after pleading guilty in November to charges brought by the Department of Justice. Scott Taylor, a reporter at the Bureau of Prisons, said Zhao had been released from Long Beach halfway house in California.

In June CZ was ordered to report to a low-security facility to begin serving his sentence, part of a plea deal related to serious allegations about how Binance operated since its founding in Shanghai in 2017. The exchange has grown to a global operation that facilitates trillions of dollars in trades each year.

Guilty Plea Involves Millions of Dollars in Personal Fine

Binance founder CZ pleaded guilty to a personal fine of $50 million. Other than that, Binance was asked to pay an incredible amount of $4.3 billion while settling the case involving a long list of anti-money laundering and sanction laws violations.

As a result of the settlement, Zhao stepped down as chief executive of Binance and is prohibited from ever serving as an officer with the firm in the future. Zhao is the wealthiest individual ever to be imprisoned in the United States. His estimated net worth exceeds $60 billion, placing him as the 25th-wealthiest individual globally.

In an announcement shortly before his sentencing, Zhao unveiled his plans for his next venture: Giggle Academy, an education platform now hiring. He is now free to focus on this project, which reportedly does not aim for revenue generation.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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