Binance founder and former Binance CEO Chao Chanpeng Chao (CZ) could be released today, September 27, Fortune reports. This contradicts previous reports from the U.S. Federal Bureau of Prisons (BOP), which said he would be released on Sunday, September 29.
This discrepancy, however, is based on technical advice - CZ has been serving a four-month sentence at the Federal Correctional Institution in Lompoc, California, since July. The 47-year-old former cryptocurrency expert can be released because federal rules allow for early release if an inmate's release date falls on a weekend. The Bureau of Prisons can release inmates whose release date falls on Saturday, Sunday or the immediately preceding legal holiday. The BOP states in its policy document that it will not release an inmate on Saturday or Sunday unless it is necessary to detain the inmate in another jurisdiction that requires the inmate's detention under a detention agreement or there are other reasons indicating that the inmate should not be released prior to the scheduled release date.
reports indicate that when CZ is released, a chauffeured car may be waiting to take him or her to a private plane. The plane will likely be headed to Dubai or Paris, where his partner Hye Yi and their children currently reside.
CZ was found guilty of failing to properly supervise money laundering on #Binance , among other charges. Although the U. S. Department of Justice demanded a three-year sentence, CZ received a relatively lenient four-month sentence. His defense team achieved this result by submitting character references and outlining his plans to engage in charity work.
April 30, U. S. District Judge Richard Jones sentenced Zhao Changpeng (CZ) to four months in prison in Seattle. The charges stemmed from CZ's failure to implement an effective anti-money laundering system at Binance, which may have facilitated cybercrime and terrorist activity on the platform.
The decision was the culmination of a multi-year investigation by the U. S.
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