Binance founder Changpeng "CZ" Zhao was released from US custody on Friday after serving out his four-month sentence in a low-security correctional facility. CZ's sentence was the product of a federal investigation that found Binance had failed to stop widespread criminal activity on the world's largest cryptocurrency exchange.

CZ pleaded guilty to the DOJ's charges, paid a $50 million fine, and agreed to never be a Binance executive again. Binance was forced to pay a $4.3 billion settlement to the U.S government, one of the largest corporate fines in US history. However, CZ still retains an estimated 90% stake in Binance, according to Forbes, making him the 25th richest person in the world with a $61 billion net worth.

Shortly before his sentencing, CZ announced his next project: Giggle Academy, an education platform that claims to bring in no revenue. He'll be free to spend his days working on that company now, which is actively hiring.

This article originally appeared on TechCrunch at https://techcrunch.com/2024/09/27/binance-founder-cz-released-from-custody-after-four-month-sentence/