Key Takeaways:
- Binance founder CZ is expected to be released early, on Friday, due to a rule allowing early release if the date falls on a weekend or holiday.
- CZ was sentenced to four months in prison for violating the Bank Secrecy Act by failing to implement proper KYC protocols.
- Despite his absence, Binance now serves over 230 million users under new leadership.
Binance founder Changpeng “CZ” Zhao could be released from prison on Friday, ahead of his scheduled release date of September 29 (a Sunday), due to a Federal Bureau of Prisons rule allowing inmates to be released on the preceding weekday if their release date falls on a weekend or holiday.
CZ was sentenced to four months in prison in April after pleading guilty to violating the Bank Secrecy Act by not implementing proper know-your-customer (KYC) protocols at Binance.
Binance founder ‘CZ’ leaves prison on Friday—along with his $60 billion fortune. https://t.co/V71ythz0Zd
— FORTUNE (@FortuneMagazine) September 26, 2024
Initially held at a low-security facility in California, he was later moved to a halfway house.
If released early, CZ will have served 116 days.
A Binance spokesperson expressed joy over his upcoming release, though CZ is not currently involved in the company’s operations.
Despite his absence, Binance has continued to grow, now serving over 230 million users under new leadership.
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