Binance Founder Released from Prison

(Reuters) – Binance founder Changpeng Zhao was released from a correctional facility in California on Friday, according to Bloomberg News, citing a spokesperson for the Bureau of Prisons.

Former CEO Zhao was sentenced to four months in prison earlier this year after pleading guilty to violating U.S. laws against money laundering at the world's largest cryptocurrency exchange.

Reuters could not immediately reach the Bureau of Prisons for comment.

Prosecutors stated that Binance adopted a model that welcomed criminals and failed to report over 100,000 suspicious transactions involving designated terrorist groups, including Hamas, al-Qaeda, and Islamic State.

They also noted that Zhao's exchange supported the sale of child sexual abuse materials and received a significant portion of ransomware proceeds.

Binance agreed to pay a $4.32 billion penalty, while Zhao paid a $50 million criminal fine, plus $50 million to the U.S. Commodity Futures Trading Commission.