Changpeng Zhao is Released
The US Bureau of Prisons has confirmed the release of Binance founder Changpeng “CZ” Zhao, who was scheduled to be released on Sunday, September 29.
It is within the BOP’s legal authority to release prisoners early if their release date falls on a weekend or holiday.
In April, Zhao was sentenced to four months in prison for breaking the Bank Secrecy Act (BSA) by inadequate implementation of a know-your-customer (KYC) program at Binance.
Along with this, he agreed to pay a fine of $50 million and resign as CEO of the cryptocurrency exchange. Binance also agreed to pay a record fine of $4.3 billion to various US regulators as part of a settlement.
While it is uncommon for custodial sentences to be imposed for BSA violations (former BitMEX CEO Arthur Hayes, who pleaded guilty to similar charges in 2022, was given probation), Zhao’s four-month sentence was lighter than the three years requested by federal prosecutors.
