Fortune: CZ May Be Released Early Today
Binance Founder Changpeng Zhao May Be Released Early As His Prison Term Ends On Sunday
According to Fortune, Binance Founder Changpeng Zhao (CZ) May Be Released From Prison Today (September 27), Two Days Earlier Than Official Release Date This Friday, Because If The Release Date Falls On The Weekend, Prisoners Will Leave Prison Early. A Binance Spokesperson Said We Are Happy That Zhao Changpeng Will Go Home To Reunite…
— Wu Blockchain (@WuBlockchain) September 27, 2024
Changpeng Zhao has been serving a four-month prison sentence since early June for negligence in managing Binance, leading to money laundering on the exchange. In addition to having to step down as CEO, CZ also had to pay a fine of $50 million and was banned from holding a management position at Binance for three years. This is part of a settlement between Binance and the US Department of Justice, according to which the exchange also had to pay a record fine of $4.3 billion.
The former Binance CEO was then transferred to a detention facility in Long Beach, California, but since late August has been transferred to a rehabilitation facility to prepare for his release date. According to the prison warden, CZ has had a relatively comfortable time here, being allowed to take “short trips” and “watch movies”.
CZ’s prison record shows that he will be released on September 29, which is this Sunday. However, Fortune reported that because his prison term ends on a weekend, Zhao may be released early on September 27.
When asked for an interview, Changpeng Zhao's lawyer said that his client did not want to meet the media at the moment, nor did he reveal his upcoming plans.
However, Fortune predicts that CZ will soon return to his residence in Dubai (UAE) to reunite with his family, who during the trial of the former Binance CEO sent letters asking for leniency and testifying to his moral actions.
In March 2024, before being sentenced, Changpeng Zhao revealed that he was building Giggle Academy, an educational project for children.
Whatever CZ's upcoming plans are, he will still have enough financial resources to carry them out, because in the agreement with the US government, Changpeng Zhao will continue to retain all shares in Binance, with an estimated 90% ownership of the exchange. Forbes estimates CZ’s net worth at $61 billion, making him the 25th richest person in the world.
“We are delighted that CZ is about to reunite with his family,” said a Binance representative. “While he will no longer be managing and running Binance, we are excited to see what he does next. Since last year, Binance has continued to grow under the leadership of a new team, with a global user base exceeding 229 million.”
However, in an interview in early September, Binance CEO Richard Teng stated that CZ would never be able to return to Binance, but did not clarify whether this was a new condition imposed by the US government or an internal policy imposed by the exchange itself.
Regardless, CZ’s release is still a much-anticipated news for the entire crypto community, with many calling it a “bullish unlock.”
