According to Fortune, “CZ” Changpeng Zhao’s release date was moved from Sunday, September 29, to Friday, September 27, because prisons don’t release inmates on weekends. Zhao was in federal custody after he went to the U.S. from Dubai to serve a four-month sentence for Binance’s violations of anti-money laundering controls.
During his incarceration, Zhao spent his first two months at a minimum-security prison in the California desert. He was later moved to a halfway house in Long Beach, where prison officials said he received supervised visits to the movies and excursions.
Now a free man, Zhao’s next steps are being speculated about since he declined to respond to direct message inquiries, and his lawyer confirmed he was not conducting any interviews on his release day.
CZ’s freedom comes sooner than expected
#CZ may be released two days earlier than the official release date this Friday – @Forbes
Because his release date falls on Sunday.
Watch $BNB.
— MartyParty (@martypartymusic) September 27, 2024
A Binance spokesperson said that Zhao could be going home to reunite with his family two days earlier than his official release date because prisoners leave prison early if release dates fall on the weekend. With a net worth of almost $60 billion, questions abound about CZ’s future plans as he rejoins society. There were speculations on whether he would focus on family, his extensive philanthropic work, or the crypto industry that made him one of the world’s billionaires.
Zhao had expressed his desire to spend time with his children and family in Dubai and expand his philanthropic efforts in education through his Giggle Academy. Zhao’s Giggle project was launched to provide free, high-quality education to underprivileged kids worldwide.
“For the next chapter of my life, I want to provide opportunities for others, namely our youth. I’m building a platform to provide high-quality education for underprivileged kids, all around the world, for free”
–Changpeng Zhao
It’s reported that endorsements from his family, who testified to his character and what the sentencing judge described as Zhao’s extraordinary dedication and commitment to philanthropic activities across the planet, could be the reason for the light four-month sentence. It is speculated that Zhao would be heading straight to Dubai or Paris, where his children lived with their mother, He Ye, a top executive at Binance.
On the crypto front, Zhao faced a major wrinkle under the terms of his criminal settlement. The settlement required him to step down as CEO of Binance and stay away from the company’s day-to-day activities. It also called for Binance to operate under two external U.S. government-imposed monitors to ensure compliance.
Notably, Zhao still had considerable influence on the future of Binance as the company’s largest shareholder even if he was no longer the CEO. According to a Binance spokesperson, the company continued to thrive under the leadership of its current team, surpassing 229 million global users.
