Binance founder CZ to be released from prison on September 29, US Federal Bureau of Prisons confirms

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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).

Although the date was already expected, confirmation from the BOP only came this morning.

CZ began his 4-month sentence at Lompoc Federal Correctional Institution, a low-security facility located in California. On August 22, his location on the BOP website was updated to Long Beach RRM in central California.

According to the BOP, RRMs “serve as the Federal Bureau of Prisons’ local liaison with federal courts, the U.S. Marshals Service, state and local corrections,” assisting inmates whose release dates are approaching.

Sentenced to four months in prison

U.S. District Judge Richard Jones of Seattle convict CZ to four months in prison on April 30 on charges of failing to implement an effective anti-money laundering framework that made Binance a viable platform for cybercriminal and terrorist activities.

The sentence was related to the US Department of Justice (DOJ) investigations into the activities of Zhao and Binance. In November 2023, CZ paid a $50 million fine and resigned as CEO of Binance to end the multi-year investigation. Meanwhile, the exchange incurred a $4.3 billion fine.

Moreover, the sentence was well below the three years suggested by prosecutors, but it was also not the desired result of Zhao’s lawyers, who appealed for probation.

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