CZ Imprisonment Incident
Binance founder Changpeng Zhao was sentenced to prison for violating US anti-money laundering laws.
Event Timeline
CZ Resigns as Binance CEO
After reaching a plea agreement with the US Department of Justice, CZ resigned as Binance CEO. He admitted to failing to establish anti-money laundering measures as required and was fined $50 million personally. Binance was fined $4.3 billion.
Richard Teng Appointed as Binance CEO
Richard Teng, Binance's Global Markets Head, was appointed as the new CEO, leading Binance's compliance transformation.
CZ Sentenced to 4 Months in Prison
A US federal court in Seattle sentenced CZ to 4 months in prison for violating anti-money laundering regulations under the Bank Secrecy Act. He pleaded guilty and paid a $50 million fine.
CZ Begins Serving Sentence
CZ began serving his sentence at a low-security federal prison in Dublin, California, which mainly houses non-violent economic offenders.
CZ Released After Serving 4-Month Sentence
CZ was released on August 29 after completing his sentence. He did not return to Binance management and stated he would focus on blockchain education, startup investment, and Web3 ecosystem development.