Binance founder Changpeng "CZ" Zhao has been released from prison, according to the US Bureau of Prisons (BOP).
Zhao's release comes two days ahead of his scheduled release date of Sunday, September 29. The police bureau has the legal right to release prisoners early if their release date falls on a weekend or holiday.
In April, Zhao was sentenced to four months in prison for violating the Bank Secrecy Act (BSA) for failing to implement an adequate know-your-customer (KYC) program on Binance. As part of his guilty plea, Zhao also agreed to pay a $50 million fine and step down as CEO of the crypto exchange. The exchange agreed to pay a $4.3 million fine to various U.S. regulators to settle related charges.
While prison sentences for BSA violations are unusual (former BitMEX CEO Arthur Hayes, who pleaded guilty to similar charges in 2022, was sentenced only to probation), Zhao's four-month sentence was lenient compared to the three years federal prosecutors had sought.
The judge hearing Zhao's case, U.S. District Judge Richard Jones of the Western District of Washington, appeared to be convinced by Zhao's impeccable record and his impeccable reputation, bolstered by 161 letters of support from his friends, family and colleagues.
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