Binance Founder Released from Correctional Facility

(Reuters) – Binance founder Changpeng Zhao was released from a correctional facility in California on Friday, according to Bloomberg News, which cited 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. money laundering laws 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 encouraged criminal activity and failed to report over 100,000 suspicious transactions linked to designated terrorist groups like Hamas, al-Qaeda, and Islamic State.

Additionally, they accused Zhao’s exchange of supporting the sale of child sexual abuse materials and facilitating a substantial portion of ransomware proceeds.

Binance has agreed to pay a $4.32 billion penalty, while Zhao has settled with a $50 million criminal fine and an additional $50 million to the U.S. Commodity Futures Trading Commission.