Binance Founder Changpeng Zhao is set to be released from prison on September 29.
Zhao is shifted from FCI Lompoc II prison to RRM Long Beach, better known as a “halfway house.”
Crypto enthusiasts see Zhao’s release as a bullish sign that could significantly impact the market.
Reports about Binance Founder Changpeng Zhao’s supposed early release on August 22 has caused quite a stir. But, despite the buzz, US Bureau of Prisons records show Zhao’s release date remains September 29.
Data indicates the Binance founder was transferred from FCI Lompoc II prison in California to RRM Long Beach, commonly called a “halfway house.” Prisoners nearing their release date often move to halfway houses. However, according to InmateAID, Long Beach relies on voluntary compliance for security.
While the federal inmate tracker initially showed Zhao’s move to the halfway house, some X users and crypto firms mistook it for his surprise release. Social media celebrated the misinterpreted news, with the community expressing support for Zhao. Some even predicted a bull market upon his release.
Despite the rumors being disproved, the community remains hopeful on a potential market move! Crypto enthusiasts and analysts see Zhao’s transfer and upcoming release as positive signs for a market upswing.
It was in late April 2024 that a court sentenced Zhao to four months in prison for violating anti-money laundering rules. Following the US SEC’s charges against Binance and its founder, Zhao pleaded guilty to these violations, agreed to a $4.3 billion settlement, and stepped down from his position.
The settlement prevents Zhao from managing or interfering in Binance’s operations for three years. As one of the wealthiest figures in crypto, with an estimated net worth of $47.7 billion, Zhao plans to explore other ventures. A previous report mentioned the launch of his new education project, Giggle Academy, aimed at providing free education to underprivileged children in developing countries.
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