Binance founder Changpeng Zhao, commonly known as CZ, will be released from prison on September 29.
Zhao, 47, was sentenced to four months in prison for violating U.S. anti-money laundering and sanctions laws. He is currently being held in a low-security federal prison in San Pedro, California.
According to the US Federal Bureau of Prisons website, Zhao is set to be released on September 29.
Zhao's legal troubles began in November 2023, when he and Binance pleaded guilty to several charges related to the company's operations. These included facilitating transactions to countries under US sanctions, including Iran and Cuba. The charges were primarily related to money laundering.
As part of a settlement with the US government, Binance was ordered to pay $4.3 billion in fines, while Zhao personally paid a $50 million fine and agreed to step down as CEO.
U.S. prosecutors initially sought a three-year prison sentence for Zhao, arguing that the violations enabled large-scale money laundering. However, District Judge Richard Jones opted for a more lenient sentence, concluding that there was insufficient evidence to show that Zhao had direct knowledge of the illegal activity. Jones also cited Zhao's record and character as mitigating factors, leading to the significantly reduced sentence.
Despite the legal challenges facing Binance, the exchange continues to operate, and Zhao's potential return to the cryptocurrency industry after his release remains a topic of discussion.
In early 2024, Zhao hinted at a new platform Giggle Academy, a free educational platform for underprivileged children. While he remains a major investor in Binance, this venture marks his move to establish a legacy beyond cryptocurrencies.
Follow me .give me a like ..
