CandleFocus Binance founder CZ to be released from prison on September 29, confirms US Federal Bureau of Prisons
2024-09-16
Author: Content Editor
Binance founder and former CEO Changpeng "CZ" Zhao is set to be released from Long Beach Residential Reentry Management (RRM) on September 29, according to the US Federal Bureau of Prisons (BOP). CZ had been serving a 4-month sentence in a low-security institution for allegedly failing to implement an effective anti-money laundering framework on Binance, which made it vulnerable to cybercriminal and terrorist activities. The sentence was a result of investigations by the US Department of Justice, and CZ paid a $50 million fine and stepped down as CEO in November 2023. The sentence was shorter than what prosecutors suggested but also fell short of CZ's lawyers' request for probation.
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