Binance Founder CZ to Leave Prison on September 29
Changpeng Zhao (CZ), the founder of Binance, will leave prison on September 29 after a 4-month sentence for anti-money laundering violations.
Key points:
- Confirmed release: CZ will leave Long Beach RRM on September 29.
- Sentence: He received 4 months for anti-money laundering failures.
- Prison time: He started serving at Federal Correctional Institution Lompoc.
- DOJ investigation: His case was part of a larger DOJ probe.
- Binance’s fine: The company faced a $4.3 billion penalty.
CZ’s Release from Prison Set for September 29:
Changpeng “CZ” Zhao, founder and former CEO of Binance, will leave the Long Beach Residential Reentry Management (RRM) facility on September 29, 2024.
The US Federal Bureau of Prisons (BOP) confirmed his release. Zhao had been serving a 4-month sentence for not implementing an effective anti-money laundering framework at Binance.
Read more: CZ Banned From Managing Binance For Life
The US Department of Justice (DOJ) had been investigating Zhao and Binance for years. In November 2023, Zhao paid a $50M fine and stepped down as CEO to end the investigation. Binance also paid a $4.3B fine in connection to the case.
Zhao started his sentence at the Federal Correctional Institution in Lompoc, California, before transferring to Long Beach RRM.
Prosecutors had asked for a three-year sentence, but the court settled on four months. His lawyers had requested probation.
With his release approaching, the crypto world is curious about CZ’s next move. Binance has already begun transitioning to new leadership following his resignation.
