Changpeng “CZ” Zhao, the founder of Binance, could be walking free this Friday—two days before his official release date. This potential early release comes down to a Federal Bureau of Prisons rule that allows inmates with release dates falling on a weekend or holiday to be freed on the last preceding weekday, according to CoinDesk. If all goes to plan, CZ will have served 116 days of his four-month sentence after pleading guilty in April to violating the Bank Secrecy Act by failing to implement adequate know-your-customer (KYC) measures at Binance.
CZ’s Prison Sentence Ends Sooner Than Expected
CZ was initially sentenced to four months in prison, but due to a quirk in prison rules, he might get out two days ahead of schedule. After spending three months at a low-security facility in California, he was moved to a halfway house in San Pedro in late August. If he is released this Friday, it would signal the end of a significant chapter for both CZ and Binance.
What’s Next for Binance and CZ?
Although CZ has not been involved in managing Binance since his sentencing, the company has flourished. A Binance spokesperson remarked, “We are delighted that CZ will be home with his family. While he is not managing or operating Binance, we are excited to see what he does next,” according to CoinDesk. Under new leadership, Binance has exceeded 230 million users worldwide. This shows its resilience during a tumultuous period.
