- • Binance founder Changpeng “CZ” Zhao will be released from prison on September 29, 2023, after serving a 4-month sentence
- • CZ’s sentence stems from failing to implement effective anti-money laundering measures at Binance
- • The US Federal Bureau of Prisons confirmed CZ’s release date on their official website
The confirmation came from BOP’s official website, although the date was already expected by the industry.
Background on CZ’s Sentencing
Changpeng Zhao will be released from prison on September 29, 2023 after serving a 4-month sentence. CZ’s sentence stems from failing to implement effective anti-money laundering measures at Binance.
The US District Judge Richard Jones in Seattle sentenced CZ to four months in prison on Apr 30 on the charges of allegedly failing to implement an effective anti-money laundering framework which made Binance a viable platform for cybercriminal and terrorist activities.
The sentence was related to investigations by the US Department of Justice (DOJ) over Zhao’s and Binance’s activities. In November 2023, CZ paid a $50 million fine and stepped down as Binance CEO to end the multiyear investigation. Meanwhile, the exchange endured a $43 billion fine.
Moreover, the sentence was far below the three years suggested by prosecutors but also wasn’t the desired outcome by Zhao’s lawyers who appealed for probation.
CZ’s Time in Prison
CZ started his 4-month sentence in the Federal Correctional Institution Lompoc, a low-security institution located in California. On Aug 22, his location on BOP’s website was updated to the Long Beach RRM in central California.
According to the BOP, RRMs serve as the Federal Bureau of Prison’s local liaison with the federal courts, the US Marshals Service, state and local corrections assisting inmates whose release dates are close.
Conclusion
Although CZ’s release date was already expected, the US Federal Bureau of Prisons has now officially confirmed he will be released on September 29 after serving his 4-month sentence. This brings his high-profile case to a close.
