Binance founder Changpeng Zhao, commonly known as CZ, will be released from prison on September 29.
Zhao, 47 years old, was sentenced to four months in prison for violating U.S. anti-money laundering and sanctions laws. He is currently being held in a low-security federal prison in San Pedro, California.
According to the US Federal Bureau of Prisons website, Zhao will be released from US custody on September 29.
Zhao’s legal troubles
Zhao’s legal troubles began in November 2023 when he and Binance (BNB) pleaded guilty Several charges related to the company’s operations, including facilitating transactions for countries subject to U.S. sanctions, including Iran and Cuba, were primarily related to money laundering.
As part of an agreement with the US government, Binance It was ordered pay $4.3 billion in fines, while Zhao personally paid a $50 million fine and agreed to step down as CEO.
U.S. prosecutors initially sought a three-year prison sentence for Zhao, arguing that the violations enabled large-scale money laundering. However, U.S. District Judge Richard Jones He opted for a more lenient sentenceconcluding that there was insufficient evidence to show Zhao had direct knowledge of the illegal activity. Jones also cited Zhao’s history and character as mitigating factors, leading to the significant sentence reduction.
Despite the legal challenges facing Binance, the exchange continues to operate and Zhao’s possible return to the cryptocurrency industry after his release remains a topic of discussion.
In early 2024, Zhao hinted at a new platform Giggle Academy, a free educational platform for underprivileged children. While still a major investor in Binance, this initiative marks its move to establish a legacy beyond crypto.
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