In November 2023, the conviction of Changpeng Zhao (CZ), founder and former CEO of Binance, marked a major turning point in the cryptocurrency industry. The case revolved around allegations of regulatory noncompliance and anti-money laundering violations, ending with a multibillion-dollar fine and a prison sentence for CZ.
CZ Counting Days Out of Prison
According to the official website of the Federal Bureau of Prisons, CZ is set to be released on September 29, 2024.
After serving four months in federal prison in Lompoc, California, CZ will complete his sentence and penalties related to the lawsuit with the US Department of Justice, including a $4.3 billion fine and his resignation as CEO of Binance.
Future After Prison
Due to the penalty, CZ is permanently banned from returning to Binance, unable to take on any leadership role here.
Current CEO Richard Teng has confirmed this. However, CZ has hinted at plans to write an autobiography while in prison and plans to invest in blockchain, AI, and biotechnology after leaving Binance.
“I have some quiet time coming up, I'll use it to write something,” CZ said.
