Binance’s CZ To Leave Prison Today With His $60B Fortune

On Friday, Binance Founder, Changpeng Zhao (CZ) will leave prison as a free man for the first time in months along with his $60 billion fortune. CZ was serving a four-month sentence for failing to implement proper anti-money laundering controls at the world’s leading crypto exchange, Binance.

Zhao is going to be released on Friday which is two days prior to his official release date (if a release date falls on a weekend, inmates leave custody early), he will likely get in a chauffeured car and be taken to a private jet in Long Beach or Los Angeles. Reports suggest his first stop after the release will either be Dubai or Paris where his children reside with their mother, He Ye, also a top executive at Binance.

One of the reasons behind Zhao’s lenient four-month sentences had been his various philanthropic commitments that helped testify to his character. “For the next chapter of my life, I want to provide opportunities for others, namely our youth. I’m building a platform to provide high-quality education for underprivileged kids, all around the world, for free,” Zhao said during his sentencing hearing.

It is expected that his next venture after the release could be his philanthropic project- Giggle Academy that is aimed to create free, fun and easily accessible learning tools for children across the globe. 

Apart from his family and philanthropy, the now-free Zhao may also turn his attention to Binance in some capacity as company’s largest shareholder, even though under the terms of his criminal settlement, he was required to quit his post as CEO of Binance and refrain from “day to day” activities involving the company. CEO, Richard Teng  also recently, confirmed that CZ is barred from managing operations in Binance.