Binance Founder Changpeng Zhao Could Be Released Friday
Date: 2024-09-27 Author: Henry Casey Categories: IN WORLD
Binance founder Changpeng "CZ" Zhao, who was sentenced to four months in prison for violating the Bank Secrecy Act, could be released as early as Friday, September 27, two days earlier than his official release date of September 29 (Sunday). According to the rules of the US Federal Bureau of Prisons, if an inmate's release date falls on a Saturday, Sunday, or holiday, they can be released on the last working day before. However, this decision is subject to change at the discretion of the prison warden depending on various circumstances, such as requests from other jurisdictions or other reasons why the detainee cannot be released earlier than scheduled.
The US Department of Justice has not yet provided a comment on this matter, although the request was sent by reporters outside of working hours.
Zhao was convicted in April of failing to comply with anti-money laundering regulations at Binance, including failing to implement an adequate know-your-customer (KYC) system. Zhao served his sentence in a low-security prison in California before being transferred to a low-security facility in late August. If released on Friday, he will have served a total of 116 days behind bars.
Binance representatives expressed joy at the imminent release of their founder, despite the fact that Zhao is no longer running the company. “We are pleased that CZ will be returning to his family. Although he is no longer involved in the management of Binance, we look forward to his next steps,” a company representative said. It was also noted that Binance has continued to successfully develop under the current leadership since last year, increasing the number of users to 230 million worldwide.
