Binance founder Changpeng Zhao (CZ) has yet to be fully released. Although he was recently transferred from FCI Lompoc to the RRM Long Beach in California, also known as a “half house” or “residential reintegration center,” he is still serving his sentence. The center is for prisoners who are close to being released, but not fully released.

CZ is expected to complete his sentence and be fully released on September 29, 2024. His move to this facility has caused some confusion among people on social media, who mistakenly thought he was being released early【9

Changpeng Zhao (CZ), the founder of Binance, has faced serious charges related to violations of US financial laws. The main charges that led to his trial and arrest include:

1. Violation of the Bank Secrecy Act (BSA): CZ was accused of violating this law by allowing Binance to facilitate illegal financial transactions without taking the necessary measures to combat money laundering. This law is important in monitoring illegal financial activities.

2. Operating an unlicensed money transfer business: US authorities have accused Binance of operating an unlicensed money transfer business, which is in violation of US laws that require a special license for such activities.

3. Violation of the International Emergency Economic Powers Act (IEEPA): Part of the charges against CZ and Binance relate to violating this law by facilitating financial transactions with countries or individuals subject to economic sanctions.

In addition to these charges, Binance faced massive fines exceeding $4.3 billion, while CZ was forced to pay a personal fine of $50 million after he pleaded guilty to the charges.