New Delhi: Changpeng Zhao aka CZ, the founder and former CEO of Binance, the most important cryptocurrency alternate on the earth, has been given a four-month jail sentence, making him the richest prisoner on the earth.
In the meantime, Changpeng Zhao wrote on X (previously twitter) that he’ll full his jail time period and plans training as his subsequent chapter when he’s out of jail.
“I wish to thank everybody on your care and assist, be it writing letters, displaying assist on X, or in some other type. All of them imply quite a bit to me and maintain me robust. I’ll do my time, conclude this part and deal with the following chapter of my life (training). I’ll stay a passive investor (and holder) in crypto. Our business has entered a brand new part. Compliance is tremendous essential. A silver lining of this entire course of is that Binance has been underneath the microscope. And funds are SAFU. Defend customers!,” he wrote.
I wish to thank everybody on your care and assist, be it writing letters, displaying assist on X, or in some other type. All of them imply quite a bit to me and maintain me robust. I’ll do my time, conclude this part and deal with the following chapter of my life (training).
I’ll stay a_
— CZ _ BNB (@cz_binance) May 1, 2024
Right here Are 10 Issues You Need To Know About Ex-Binance CEO Changpeng Zhao
1. Zhao, who owns Binance and has a web price of round $43 billion, will change into one of many wealthiest prisoners in historical past because of his jail sentence, a media report has mentioned.
2. Based on a media report, Binance agreed to pay $4.3 billion to settle costs in opposition to Zhao in February after Zhao pleaded responsible to violating US anti-money laundering legal guidelines.
3. The 47-year-old obtained a time period for his incapacity to cease terrorist teams and cyber criminals from partaking in unrestricted commerce on Binance, a media report mentioned.
4. With the conviction, Zhao has change into the wealthiest particular person to go to jail and the second distinguished cryptocurrency magnate to be imprisoned following Sam Bankman-Fried of FTX.
5. Zhao’s $43 billion price of property is not going to be affected by the sentence, a report has mentioned.
6. Binance’s enterprise grows amid cryptocurrency’s newest bull run, due to this fact Zhao’s wealth is predicted to extend even additional, as per a media report.
7. Zhao stepped down as Binance CEO in 2023, though he nonetheless owns an estimated 90% stake within the greatest cryptocurrency alternate on the earth.
8. The enterprise that Zhao based continues to be thriving and has maintained its place as probably the most vital cryptocurrency alternate all through.
9. The report acknowledged that Zhao’s affect over the enterprise continues to be there contemplating that his shut associates make up nearly all of the board of administrators.
10. Since its founding in 2017, Binance has grown to change into a multinational enterprise with the most important cryptocurrency alternate by way of day by day buying and selling quantity, making its creator, Zhao, a billionaire.
