Changpeng Zhao, known as CZ, the founder and former CEO of Binance, is nearing the end of his four-month prison sentence for failing to comply with regulations and violating anti-money laundering laws.
This legal battle resulted in a billion-dollar settlement and a prison term for CZ.
Countdown to release
CZ is scheduled to be released on September 29. This release will mark the end of his time at the federal correctional facility in Lompoc, California, where he has been serving as inmate 88087-510.
The release will also conclude the penalties from the case involving Binance and the Department of Justice, which included a giant fine of $4.3 billion and CZ’s removal from his position as CEO.
So with a return to Binance out of the question for him, many are curious about what his future holds.
Updated resume?
One major consequence of CZ’s conviction is a lifetime ban from Binance, which means he can’t return to any leadership role within the company.
The current CEO, Richard Teng confirmed too that CZ won’t be able to participate in management at Binance again.
Despite this setback, CZ already expressed interest in new projects. In May he mentioned that he plans to write an autobiography during his time in prison.
“I got some quiet time coming up. Will use that to write something.”
Beyond writing, he is reportedly looking into investments in blockchain technology, artificial intelligence, and biotechnology since he recognizes that his life at Binance no longer exists.
Remember the name
Some members of the crypto community have criticized CZ’s four-month sentence as too lenient compared to the prosecutor’s recommendation of three years.
And also worth to mention that despite his ban from Binance, CZ still holds a majority stake in the company, so technically, he is the big boss.
The release of CZ will signal an end to his legal troubles and restore his freedom after months of battles with regulators.
Regardless of the controversies surrounding him, CZ is indeed an influential figure in the crypto industry, and many will be watching closely to see what he does next.
Have you read it yet? DeFi project disappears after rug pull
Disclosure:This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Kriptoworld.com accepts no liability for any errors in the articles or for any financial loss resulting from incorrect information.
