Binance Founder Changpeng “CZ” Zhao Released from Prison Ahead of Schedule

Changpeng "CZ" Zhao, the founder of Binance, has officially been released from prison, according to recent information from the U.S. Bureau of Prisons (BOP). Zhao's release came two days earlier than expected, as his original release date was set for Sunday, September 29. His early release is in accordance with a policy allowing prisoners to be released ahead of schedule when their release date falls on a weekend or holiday.

Back in April, Zhao was sentenced to four months in prison after pleading guilty to violating the Bank Secrecy Act (BSA).
The charges stemmed from Binance’s failure to implement an adequate know-your-customer (KYC) program. As part of the plea deal, Zhao agreed to pay a $50 million fine and stepped down as CEO of the cryptocurrency exchange. Binance itself was hit with an additional $4.3 million fine, settling related regulatory issues with various U.S. agencies.

Prison sentences for BSA violations are uncommon, as seen with former BitMEX CEO Arthur Hayes, who received probation for similar charges in 2022. Although prosecutors sought a three-year sentence for Zhao, U.S. District Judge Richard Jones was persuaded by Zhao's strong personal record and 161 letters of support, resulting in a more lenient four-month sentence.

During his time in custody, Zhao spent three months in Lompoc II, a low-security facility located on California's Central Coast. In August, he was transferred to a correctional center in San Pedro, California, before his eventual release.

With an estimated fortune of $25.3 billion, according to the Bloomberg Billionaires Index, Zhao is believed to be the wealthiest individual to have served prison time in the U.S. Despite his release, Zhao’s team has declined to comment on the matter.

This marks a pivotal moment in Zhao’s journey as the crypto industry watches closely for his next moves after stepping down from his role at Binance. $BTC $BNB $SOL

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