Binance founder Changpeng Zhao became the subject of premature celebration in the crypto community, as users mistakenly believed he had been released from prison. However, Zhao is still under custody and scheduled for official release on September 29, according to the U.S. Bureau of Prisons.
Status of Changpeng Zhao
Changpeng Zhao, the founder of cryptocurrency exchange Binance, remains under U.S. government custody. His official release is scheduled for September 29, according to information from the U.S. Bureau of Prisons.
Reason for Confusion
The confusion appears to have stemmed from Zhao's recent transfer from a minimum-security prison in Southern California to RRM Long Beach, a residential reentry management program. These facilities, often referred to as 'halfway houses,' allow inmates more freedom but still keep them under government supervision.
Future of Zhao
Upon his release, Changpeng Zhao is likely to return to Dubai where his family resides. Zhao has been in the U.S. since November 2023, after pleading guilty to violating U.S. anti-money laundering laws. Despite his legal issues, Zhao remains one of the wealthiest figures in the cryptocurrency world, with a net worth estimated at $47.7 billion. Under the terms of his settlement with the U.S. government, Zhao is banned from managing Binance for three years, and he plans to focus on education and passive investing.
In conclusion, the rumors about Changpeng Zhao's release were premature. He remains under government supervision and is set to be officially released on September 29. His future plans include a ban on managing Binance and focusing on other aspects of his life and career.
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