- The Binance founder CZ was released on Friday and has seen a profound welcome from the community on his return.
- The cryptocurrency exchange has combated several regulatory complications in the past months.
The crypto community spurred into action on the release of Binance Founder and former CEO Changpeng Zhao. CZ as speculated by the community was released on Friday after serving his term of four months in a correctional facility in Long Beach California. The cryptocurrency community has flipped to the positive end on his release as Bitcoin rallied to $66K.
Notably, Bloomberg reported CZ’s release in the UTC late evening hours on Friday. After this members of the community began applauding his return and welcomed his return. Additionally, the Binance founder himself made his social appearance on X by tweeting “gm” from his official account.
Moreover, Chengpang Zhao pled guilty to money laundering charges on April 30, after which he was sentenced to four months imprisonment on May 1, 2024. Following this, Binance announced alterations to its KYC and other operational aspects. Meanwhile, during the four months – CZ was initially lodged at a minimum security prison in California after which he was shifted to a halfway house in Long Beach.
Furthermore, CZ, unlike other recent arrests, was not required to part with his fortunes. Apart from a personal fine of $50 million, the Binance founder’s fortunes were left untouched. According to Binance reports, the former CEO has a net worth of approximately $60 billion.
How Did Binance Combat the Case?
During the CZ case, Binance also faced a case filed incurring charges for violations of Anti-money laundering laws. The cryptocurrency exchange had to pay $4.3 billion in penalties. Additionally, the case required CZ to step down as CEO and still cannot be employed as Chief Executive.
Following this, Richard Teng replaced the founder as CEO and has taken several steps to combat future allegations. The cryptocurrency exchange has taken a serious step towards avoiding noncompliance and is stated to have invested significant funds into compliance-related measures. Binance also faced regulatory issues in other countries in the recent past.
Finally, the crypto market has turned bullish following CZ’s release as aforementioned. Bitcoin hit $66,000 while Ethereum is attempting to break resistance at $2.7K.
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