According to the U.S. Federal Bureau of Prisons’ official website, Changpeng Zhao, the founder of cryptocurrency exchange Binance, is scheduled to be released from prison next week.
Sentence and Term
The 47-year-old, identified as an Asian male under registration number 88087-510, will be freed on September 29, 2024. Zhao, commonly known as "CZ," was sentenced to four months in prison for violations of the Bank Secrecy Act related to his tenure at Binance.
Guilty Plea and Resignation
In November last year, CZ pleaded guilty to the DOJ charges and subsequently stepped down as the CEO of Binance. The Department of Justice initially sought a three-year sentence, arguing that the severity of the violations warranted a longer term. However, CZ’s legal team advocated for probation instead.
Community Reaction
Zhao’s release marks the end of a brief but notable period of incarceration, one that has drawn substantial attention from both the cryptocurrency community and regulatory bodies worldwide.
Zhao's release is a significant event in the history of Binance and raises questions about future regulatory actions towards cryptocurrency exchanges.
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