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according to the securities times, on september 27, local time,former richest man in china and founder of binancezhao changpengon the official release date (september 29)two days before release (prisoners are released early if their release day falls on a weekend).

according to interface news,on april 30 this year, zhao changpeng was sentenced to four months in prison in the united states.

previously, u.s. prosecutors stated in a court document on april 23, local time, 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.

on november 21, 2023 local time, in seattle, usa, zhao changpeng left the seattle court. image source: visual china

u.s. district judge richard jones said to changpeng zhao: "you had the ability, financial resources and manpower to ensure compliance with every regulation, but you missed this opportunity." zhao changpeng's lawyer had asked for a five-month suspended sentence, but in the end, he didn't escape jail.

according to previous reports by foreign media,changpeng zhao told the judge before sentencing, "i'm sorry." changpeng zhao reportedly said in court: "i think the first step to taking responsibility is to fully realize your mistakes. here, i failed to implement an adequate anti-money laundering procedures…i now realize the seriousness of this mistake.”

in addition, the u.s. securities and exchange commission (sec) is still investigating binance for illegal activities. in june 2023, the sec filed 13 charges against binance entities and founder changpeng zhao, including operating an illegal trading platform in the united states; operating unregistered exchanges, broker-dealers and clearing agencies; abusing customer funds; registered securities offerings and sales, etc.

in response to the sec’s accusations, binance responded that the company actively cooperated with the sec’s investigation and worked hard to respond to questions and address the concerns of regulatory agencies in the hope of reaching negotiations and resolving their investigation issues. judging from the continuous huge fines from the u.s. department of justice to the cftc, binance is very likely to receive fines from the sec.

changpeng zhao was born in lianyungang, jiangsu province in 1977. when he was 12 years old, he moved to vancouver, canada with his family and became a chinese canadian. in college, he studied computer science at mcgill university in montreal. in 1997, zhao changpeng, who graduated from university, entered the financial technology industry. he first became a software developer for the tokyo stock exchange, and then went to new york to work for bloomberg and participated in the development of futures trading software. at the age of 27, zhao changpeng, known as a programming wizard, became to lead the company's teams in new jersey, london and tokyo.

in 2005, zhao changpeng successively founded fuxun information (specialized in developing the fastest high-frequency trading system for securities companies), bijie technology and other companies in shanghai, and made his first pot of gold. in 2013, he learned about bitcoin from a poker friend and started to get involved in the field. in 2017, changpeng zhao and his team founded binance and issued the digital currency "binance coin" (bnb). binance, whose name is based on the combination of the words binary and finance, offers trading in more than 150 cryptocurrencies, including bitcoin, ethereum, litecoin and its bnb token. from september to december 2017, the price of bitcoin soared, rising from us$3,000 to us$20,000. people began to rush to enter cryptocurrency exchanges. binance followed the trend and developed rapidly, with more than 100 registered users in three months. ten thousand.

just six months after its establishment, binance has attracted 6 million users with a transaction capacity of 1.4 million times per second, and its single-day trading volume has exceeded 10 billion u.s. dollars. it has soared to the first place in the industry and become the world's largest cryptocurrency exchange. it has also become the world's largest cryptocurrency exchange. created a new myth in the cryptocurrency industry. in the first quarter of 2018, binance made a profit of us$200 million. by 2021, binance has 3,000 employees worldwide and a daily trading volume of $76 billion, which is more than its four largest competitors combined. at that time, binance was valued at us$300 billion. binance is not listed and does not directly disclose company profits. however, some media estimated at the time that in the third quarter of 2021 alone, the company's profits reached us$3.2 billion, equivalent to 20.3 billion yuan.

it is reported that changpeng zhao controls a majority of binance’s shares. according to forbes, founder changpeng zhao owns 30% of binance shares. at the end of 2021, against the background of the surge in cryptocurrencies such as bitcoin, zhao changpeng 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. however, half a year later, virtual currencies such as bitcoin plummeted, and zhao changpeng's wealth once shrank by more than 80% to us$17.4 billion.

in 2023, as the price of bitcoin recovered, changpeng zhao's wealth exploded, far exceeding the fine binance agreed to pay to u.s. authorities.according to the "2024 forbes global billionaires list" released on april 3 this year, zhao changpeng ranked 50th with a net worth of us$33 billion (approximately rmb 231.4 billion).

daily economic news is synthesized from securities times, interface news, and public information

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