Changpeng Zhao (CZ), the founder and former CEO of Binance, is set to be released today, two days ahead of his scheduled release date.
According to a Fortune report, the popular philanthropist and crypto executive will be released from federal custody today, marking the end of his four-month incarceration. His release was initially scheduled for September 29, 2024. However, since the scheduled release date falls on a weekend, he will be freed from custody today, Friday.
Fortune explained that inmates usually leave custody early, specifically on Fridays, if their release date falls on a weekend. Notably, CZ’s case will not be any different, as he is expected to be released today, September 27.
The Binance founder has been in federal custody since April 2024, serving a four-month sentence for failing to provide the necessary anti-money laundering control measures at the world’s largest exchange.
Notably, CZ spent two months at a minimum-security prison in the California desert. Afterward, he was transferred to a halfway house in Long Beach, California, with better conditions, like supervised excursions.
CZ Next Move
With his release set for today, the Binance founder will likely spend more time with his family in Dubai or Paris. It bears mentioning that CZ’s family members were instrumental in convincing the judge to issue a lenient four-month prison sentence.
As reported earlier, his lawyers submitted letters from 160 people, including his family, testifying to his character and seeking leniency. This prompted the judge to drastically reduce the DOJ’s request for a 36-month prison sentence to just four months.
The Binance founder could also focus on his philanthropic gesture, which the judge acknowledged during his sentencing. At the time, CZ revealed that the next chapter of his life will focus on creating opportunities for youths at zero cost.
He referenced his Giggle Academy project as one way he intends to achieve this goal. This project aims to provide fun and exciting learning tools for kids globally. However, other than a website with multiple job postings, the project has not seen much progress since its launch.
CZ Could Still Influence Binance Decision
Although CZ was mandated to quit his CEO position at Binance as part of his plea agreement, the Binance founder could still influence the exchange’s decision.
He remains Binance’s largest shareholder, giving him considerable influence in determining the exchange’s future. Notably, Binance also looks forward to CZ’s next moves. The exchange claims it has made massive progress under its current leadership, surpassing 229 million global users.
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