Binance Founder, CZ, Is Officially Out of Prison, And He's Still Rich AF...

Changpeng “CZ” Zhao, the guy who basically is Binance, just rolled out into the sunset after spending four luxurious months in a low-security, "don’t-drop-the-soap" correctional facility. And now, CZ is free to take his $61 billion net worth and do whatever the hell he pleases. Spoiler alert: that’s exactly what he’s going to do.

(Source: Giphy) 

ICYMI, CZ got slapped with a short term prison sentence because as it turns out, running the world's largest crypto exchange without proper anti-money-laundering controls is frowned upon. Who knew? Meaning after blatantly disregarding the government's requests, the DOJ finally had enough of CZ’s degenerate failures and forced Binance to cough up $4.3 billion to make the U.S. government go away. As for CZ though, he personally had to pay a $50 million fine, step down as Binance CEO, serve some time, and promise to never, ever play boss again. (Wink, wink.) 

(Source: Reuters) 

Which honestly doesn’t really mean a lick of anything to CZ. Why? Well because the dude still owns 90% of Binance. So, while he’s no longer “technically” running the company, it’s probably safe to say that he’s still running the company in some way shape or form. (More on that in a moment). 

(Source: Unlock Blockchain) 

What’s actually funny about this, is that CZ’s “hard time” looked more like a walk in the park than an actual punishment. For instance, the guy served two months at a low-security prison in California, followed by a cozy stint in a halfway house. Rumor has it, he could even hit the movies on supervised excursions. Yeah, that’s right—supervised excursions like he’s some kind of wayward teenager.

(Source: Giphy) 

Of course, the government really wanted to nail him harder, but due to the fact CZ built the biggest crypto empire in the world that DIDN’T swindle his customers out of billions of dollars (like our two-bit scam artist friend, FTX) - the judge gave him a slap on the wrist despite federal prosecutors wanting three years of prison. To be honest, I’m sure those 161 letters of endorsement from CZ’s family, friends, and colleagues played a major part in the ruling as well. 

(Source: Giphy) 

But alas, CZ’s got his freedom back. So what’s next for the billionaire? Crypto 2.0? World domination? LOL nope. According to reports, CZ is actually going to bless us all with the Giggle Academy—an educational platform for kids. Yep, you read that right… the dude who forgot to install proper KYC protocols at Binance is now going to teach your children. For free. 

(Source: Decrypt) 

As of now, Giggle Academy is just a website with a few lonely job postings gathering digital dust, but hey, we all know how things can “accelerate” when CZ’s involved. Maybe in a few months, this will be the next big thing. Or maybe it’ll be a bunch of crypto bros reading children’s books on YouTube. Who knows?

(Source: CCN) 

My take on the matter? It’s a cover up. Again, while CZ’s not technically allowed to be involved in Binance’s day-to-day stuff, he still owns 90% of the company. So with that in mind, do you really think he’s just gonna sit back and let someone else steer the ship? Not a fat friggin chance, my friend. I mean sure, Binance may have shifted its focus to non-U.S. markets, but CZ definitely still has his hands on the wheel, even if he’s doing it with a bit more “discretion” these days.

(Source: Giphy) 

Now with that said, only time will tell if Binance can still keep the money flowing with its 229 million users “without” CZ officially on the Iron Throne. But regardless, the guy is still rich AF, and he still has enough influence to bend the crypto world to his will - as he’s probably chilling on his private jet laughing at all the peasants who prosecuted him.

(Source: Giphy) 

In the end though, what’s the takeaway here? Well, CZ’s officially free, the U.S. government gave him a slap on the wrist, and now he gets to return to his absurdly rich life like nothing ever happened. What a time to be alive in the world of crypto. 

As always whether you mess with crypto or completely disregard it (like muah) - stay safe and stay frosty this Monday, friends! Until next time…

P.S. Whadda beauty! Our alert last week definitely proved itself worthy as $MNPR ripped to a peak of +66.05% in less than 72 hours! But, but but… that was last week. This week though? Oh baby, our screeners are flashing green on one little known stock... and by the looks of it, we might have another $LFLY on our hands (ICYMI, $LFLY rocketed 142% in less than 25 minutes). Meaning, if you haven't done so yet, I highly suggest upgrading to premium before things get crazy once we drop our newest trade alert! Don't say I didn't warn ya...

Stocks.News does not hold positions in companies mentioned in the article.