CZ Set to Be Released from Prison on September 29

Changpeng "CZ" Zhao, the founder and former CEO of Binance, will be released from the Long Beach Residential Reentry Management (RRM) facility on September 29, 2024, after serving a 4-month sentence for anti-money laundering violations. Zhao’s sentence was part of a broader investigation by the U.S. Department of Justice (DOJ), which resulted in Binance paying a $4.3 billion fine.

Zhao's legal troubles began when prosecutors pushed for a longer sentence due to the failure to implement an effective anti-money laundering framework at Binance. While they sought three years, the court ultimately sentenced him to four months. With his release approaching, the crypto world is eager to see what direction Zhao will take next, as Binance has already begun transitioning to new leadership.