tl;dr
Binance founder and former CEO Changpeng Zhao (CZ) is set to be released from the Federal Correctional Institution in Lompoc, California on Friday, September 27, contrary to earlier reports of a Sunday release. Reports suggest that CZ might be released two days before the official date, in accordanc...
Binance founder and former CEO Changpeng Zhao (CZ) is set to be released from the Federal Correctional Institution in Lompoc, California on Friday, September 27, contrary to earlier reports of a Sunday release. Reports suggest that CZ might be released two days before the official date, in accordance with federal rules allowing inmates to leave custody early if their release date falls on a weekend. Following his release, CZ may be chauffeured to a private jet bound for Dubai or Paris, where his partner and children reside.
Despite being found guilty of failing to implement proper anti-money laundering controls at Binance, CZ received a lenient sentence due to character references and plans for philanthropy. He remains the majority shareholder of Binance but is banned from serving as its CEO. As CZ's release approaches, the crypto market anticipates potential volatility, particularly for Binance Coin (BNB), which has seen a 2% increase in trading value.
According to Fortune, Binance founder and former CEO Changpeng Zhao (CZ) will be released on Friday, September 27. This contravenes earlier reports of a Sunday release, as revealed by the US Federal Bureau of Prisons (BOP). The 47-year-old crypto executive is completing his four-month sentence, which began in July at the Federal Correctional Institution in Lompoc, California.
As BeInCrypto reported, the BOP confirmed CZ’s release on its official website, marking the calendar for September 29. This was unusual because the date fell on a weekend. In a twist, CZ could be released two days before the official date. It appears that federal rules allow inmates to leave custody early if their release date falls on a weekend. Reports indicate that a chauffeured car may greet CZ outside the prison, ready to drive him to a private jet. The plane will likely fly him to either Dubai or Paris, where his partner, He Yi, and their children currently live. He Yi also holds an executive position at Binance.
CZ was found guilty of failing to implement proper anti-money laundering controls at Binance, among other charges. Nevertheless, he received a rather lenient sentence, contrary to what the Department of Justice (DOJ) was pushing for three years. CZ’s legal team helped secure the leniency by sharing character references from colleagues and industry leaders. They also highlighted his plans to focus on philanthropy. CZ promised to start a new chapter in his life, centered on philanthropy. 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, said CZ.
In the weeks leading up to his sentencing, CZ launched Giggle Academy, a project offering free and fun learning tools for children. Despite a lifetime ban from serving as Binance’s CEO, as part of his plea deal, CZ still holds executive rights at the company as its majority shareholder.
As CZ eyes a possible release before crypto markets break for the weekend, traders and investors expect volatility. BeInCrypto recently reported that some altcoins will likely exhibit price impact, with a special focus on Binance Coin (BNB).
BNB Price Performance, Source: BeInCrypto BeInCrypto data shows BNB is trading for $605.43 at the time of writing, up by over 2% since the Friday session opened.
The news of CZ's release has sparked interest and raised questions about the potential impact on the crypto markets. With CZ's history and ongoing influence in the industry, his release is undoubtedly a significant development that could sway the trajectory of various cryptocurrencies. As the release date draws near, the market will be closely watching for any fluctuations and reactions to CZ's return to the crypto scene.
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