Binance Founder and former CEO Changpeng Zhao don Comot Prison
Binance founder and former CEO Changpeng Zhao don commot for prison two days before di time, afta e serve four months sentence for United States.
Di 47-year-old suppose commot on Sept. 29, but because di date dey weekend, federal rules allow Changpeng Zhao quick comot from Long Beach Residential Reentry Management.
Di Binance founder begin im sentence for May 2024 afta dem charge am because say im no follow proper anti-money laundering and sanctions regulations for Binance.
Zhao get luck with im sentence compared to di three-year term wey U.S. Department of Justice bin dey find.
For November 2023, Zhao and Binance plead guilty for violations of U.S. anti-money laundering and sanctions regulations. Some of di cases na aw dem dey help countries wey U.S. put sanctions on do transactions, like Iran and Cuba.
As part of di plea deal, U.S. government talk say make Binance pay $4.3 billion for fines, while Zhao go personally pay $50 million fine. E also gree comot him position as CEO of di company.
Di settlement no allow Zhao manage or operate di company, di main gist of wetin dem yarn for di settlement still no sure.
As dem first talk say na three-year ban, Binance CEO Richard Teng confam for Axios say Zhao don get lifetime ban from day-to-day management. But, e clear evribodi say Zhao still dey hold all him shareholder rights, including di power to choose board members and change executives.
Even with all di legal wahala and di billions of dollars wey him pay for fines, Zhao na still one of di richest pipu for 2024. For Forbes updated billionaire list, Zhao dey number 25 with net worth of $60.6 billion.
Na im still be number one richest person out of di 17 pipu from cryptocurrency industry wey Forbes add for di list.
Changpeng Zhao don free. Wetin be im next plan?
Dem don ban am for Binance for life, im no go fi manage di company — and he talk say e plan to teach pikin dem and focus on philanthropy. Shey dat one kon mean say CZ don truly comot from crypto?
Changpeng Zhao bin be di world’s richest inmate, as Forbes estimate im net worth reach $61.6 billion.
Afta im don spend four months for prison because e admit say Binance no follow proper Know Your Customer (KYC) checks — wey be violation of di Bank Secrecy Act — he waka comot as free man from one low-security prison wey dey California on Friday, Sept. 27.
CZ release date suppose be Sept. 29, but since na Sunday e fall on, di wardens get di power to release am on Friday.
Even tho di sentence short, life go different well-well for di billionaire. Before, pipu dey follow CZ like say im be cult leader when he dey run Binance, but now dem don give am lifetime ban from managing di exchange.
All dis don make plenti pipu dey wonder wetin CZ go do next. Weda e go comeback to crypto, di industry wey make am rich? Or e go chook head enta AI? For di court hearing wey apun for April, when dem sentence am, di 47-year-old talk say e no dey focus on any of dem for now. Instead, e talk say:
“For di next chapter of my life, I wan give other pipu opportunities, especially di youth. I dey build platform wey go give beta education for children wey no get money, for di whole world, for free.”
As part of dis, dem don create website wey dem call Giggle Academy — but if you check di site, e still dey for pre-launch stage.
Binance, dey wish CZ well, and dem make am clear say everywhere good between dem since Richard Teng don take over as CEO.
“We dey happy say CZ don go back to im family. Even tho e no dey manage or run Binance again, we dey wait to see wetin im go do next.”
E sure say CZ go wan update im 8.8 million followers for X, where e bin dey always show face before dem carry am go prison.
CZ Future
Some pipu dey argue say di punishment wey CZ receive na pikin play — as Better Markets talk before say plenti evidence dey show say CZ intentionally design Binance to turn crypto money laundering place for big criminals all over di world.”
Di four-month sentence wey CZ serve small of di 18 months wey di sentencing guidelines talk — and e far from di three years wey U.S. prosecutors bin dey push for. One former Binance worker, wey no wan make we mention him name, tell crypto.news say:
“Di sentence small compared to di crimes wey dem charge am for — e resemble anoda example of how financial criminals no dey serve long time for prison.”
Di person still talk say, based on wetin dem sabi about CZ and im character, four months no go fit make am learn lesson from di crimes wey e commit.
“I feel say CZ go see dis one as small wahala wey just dey delay am from im plans to build im empire.”
Di ex-Binance worker still no sure if CZ go show face for crypto space again — but dem talk say na some of CZ pipu dey run Binance now.
“Even if CZ no dey ‘work’ for crypto again, di fact say He Yi still dey for Binance mean say CZ no go ever far from crypto.”
He Yi na Binance co-founder and chief customer service officer, wey don work with CZ since 2014.
But di main question na: aw much damage CZ don cause to di world’s largest crypto exchange? For di past few years, countries like di U.K. and U.S. don ban Binance. When dem ask if CZ jail time go affect Binance in di long run, our source say:
“I doubt am. Pipu no too dey remember CZ and Binance crimes like aw dem remember SBF and FTX own.”
No doubt say CZ go wan work on im image now — but im and Binance still get legal problems wey dem go face as time dey go.
Before before, if anybody mention problem for Binance, CZ go just reply with “4” — wey mean FUD: fear, uncertainty, and doubt.
Now wey CZ no dey run di empire wey e help build, maybe e go humble.