Changpeng Zhao is no longer in charge of Binance but gets to keep his billions.
Changpeng Zhao, former chief executive officer of Binance, arrives at federal court in Seattle, Washington, US, on Tuesday, April 30, 2024.Changpeng Zhao, the founder and former CEO of Binance, is likely to walk out of prison on Friday after serving afor failing to maintain an effective know-your-customer program to fight money laundering on the world’s largest crypto trading platform. And there are still a lot of questions about what he does next.
Binance was fined $4.3 billion as part of its settlement over money laundering charges with the U.S. Department of Justice, the Commodity Futures Trading Commission, and the U.S. Treasury Department. But Zhao paid a fine of just $50 million in conjunction with his jail sentence. Zhao currently has an estimated net worth of about $61 billion, according to
Zhao, who founded Binance in 2017, was instrumental in helping bring down convicted fraudster Sam Bankman-Fried, the founder of FTX, albeit it’s unclear if that’s what he had intended to do. It all started when Zhao bought a 20% stake in FTX in 2019.
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