"Binance Founder Changpeng Zhao Released from Custody After Four-Month Sentence"

Changpeng “CZ” Zhao, the founder of Binance, was released from U.S. custody on Friday after completing a four-month sentence in a low-security correctional facility. His sentence followed a federal investigation that uncovered Binance’s failure to prevent extensive criminal activity on the world’s largest cryptocurrency exchange.

Zhao pleaded guilty to charges brought by the Department of Justice, paid a $50 million fine, and has agreed to forfeit any future executive role at Binance. The company itself faced a staggering $4.3 billion settlement with the U.S. government, marking one of the largest corporate fines in American history. Despite these setbacks, Zhao retains an estimated 90% stake in Binance, positioning him as the 25th richest person in the world with a net worth of $61 billion, according to Forbes.

Ahead of his sentencing, Zhao revealed plans for his next venture: Giggle Academy, an educational platform that reportedly generates no revenue. With his release, he is now free to focus on this new project, which is currently in the hiring phase.