Binance founder Changpeng “CZ” Chao was released from U.S. custody on Friday after serving a four-month sentence in a low-security correctional facility. CZ's ruling is the result of a federal investigation that found Binance failed to prevent widespread criminal activity at the world's largest cryptocurrency exchange.
CZ pleaded guilty to the Justice Department's charges, paid a $50 million fine, and agreed to never serve as an executive at Binance again. Binance was forced to pay a $4.3 billion settlement to the U.S. government, the largest corporate fine in U.S. history. However, CZ still owns an estimated 90% stake in Binance, making him the 25th richest person in the world with a net worth of $61 billion, according to Forbes.
Just before the verdict, CZ announced his next project, Giggle Academy. This is an educational platform that claims to not generate any revenue. He will be able to spend his days freely at the company, which is currently actively recruiting.