Changpeng Zhao, the former richest man in China and founder of Binance, is about to be released from prison after serving four months in prison. As soon as the news came out, it immediately attracted attention from all parties. According to the Daily Economic News, information di

Changpeng Zhao, the former richest man in China and founder of Binance, is about to be released from prison after serving four months in prison. As soon as the news came out, it immediately attracted attention from all parties.

According to the Daily Economic News, information disclosed on the official website of the U.S. Federal Bureau of Prisons (Bureau of Prisons) shows that Zhao Changpeng’s current location has been updated to the Long Beach Residential Reentry Management (rrm) in central California. This means he is being prepared and assessed before reintegrating into society. If everything goes well, he will return to society on September 29.

Picture According to Forbes

public information, Zhao Changpeng was born in Jiangsu in 1977. Both parents are engaged in the education industry. In the late 1980s, the family immigrated to Vancouver, Canada. After studying computer science at McGill University in Montreal, Changpeng Zhao traveled to Tokyo and New York. He first built a system for matching trading orders at Tokyo Stock Exchange , and then developed futures trading software on Bloomberg Tradebook.

In 2014, the former software engineer sold his house in Shanghai and invested all his wealth into the Bitcoin market. In the summer of 2017, he founded Binance. In just half a year, Binance had 6 million users, making it the world's largest cryptocurrency exchange.

By the end of 2021, against the backdrop of the surge in cryptocurrencies such as Bitcoin, Changpeng Zhao became the richest Chinese man with a net worth of US$94.1 billion (approximately 634.8 billion yuan), and also ranked among the top ten richest people in the world. Afterwards, virtual currencies such as Bitcoin plummeted, and Zhao Changpeng's wealth continued to shrink. In April this year, the 2024 Forbes Global Rich List was released. Zhao Changpeng’s total personal assets were approximately US$33 billion (approximately RMB 239 billion at the time), ranking 50th.

According to foreign media reports, on April 30, local time, Zhao Changpeng was sentenced to 4 months in prison for failing to prevent money laundering on the exchange, thus becoming "the richest prisoner in the world." Previously, documents submitted to the court by U.S. prosecutors showed that Zhao Changpeng should serve 36 months in prison after admitting to violating anti-money laundering laws. Changpeng Zhao resigned as CEO of Binance in November last year, when he admitted violations and the company agreed to accept a $4.32 billion fine. After Changpeng Zhao resigned, Richard Teng from Singapore took over as CEO of Binance.

Since last year, the US Securities Regulatory Commission has tightened its supervision of cryptocurrency. Sun Yuchen , Zhao Changpeng, etc. have been prosecuted one after another. Many leading cryptocurrency exchanges have been accused of illegal activities. However, the market predicts that cryptocurrencies will show an overall upward trend after the Federal Reserve announces an interest rate cut.

Cover News Reporter Xiong Yingying

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