Changpeng Zhao, better known as CZ, the founder and former CEO of Binance, was released today, September 27, 2024, from federal custodyâtwo days ahead of his scheduled release date. The early release comes under U.S. prison guidelines, which allow inmates to be freed early if their release date falls on a weekend.
CZ had been serving a four-month sentence for failing to implement adequate anti-money laundering measures at Binance. His sentence, handed down in April 2024, was the culmination of a long-standing investigation by U.S. regulators into the exchange's practices. Despite facing potential charges that could have led to a much longer prison term, CZ received a relatively lenient sentence following character references and his commitment to focusing on philanthropic ventures post-release.
While banned from returning to his executive role at Binance, CZ remains the company's largest shareholder, giving him significant sway over its future. Reports suggest he may now turn his attention to philanthropy, with plans to help young people through educational initiatives such as his Giggle Academy project.
Market observers are watching closely, as CZâs release could stir market activity, particularly around Binance Coin (BNB) and other altcoins.