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Former Binance CEO Changpeng Zhao 'CZ' was transferred to Residential Reentry Management (RRM) 38 days before his release from prison on September 28

2024/08/23 13:28

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Changpeng "CZ" Zhao, the former CEO of Binance, has been transferred to an administrative facility under the Residential Reentry Management (RRM) Long Beach field office, which oversees federal offenders in central and southern California.

The move comes just 38 days before his scheduled release on September 29, according to US Federal Bureau of Prisons (BOP) records.

CZ sentenced for violating Bank Secrecy Act

Zhao, a Canadian citizen, pleaded guilty in November 2023 to violating the Bank Secrecy Act (BSA) as part of a settlement with US authorities.

Although prosecutors sought a three-year sentence, Zhao received a shorter term, beginning on May 31, 2024. He has been serving his sentence at Lompoc II, a low-security federal prison in Santa Barbara County, California.

CZ assets are slightly affected

In addition to Zhao's prison sentence, Binance agreed to pay $4.3 billion in civil penalties. As part of the settlement, Zhao is barred from serving as an executive at any cryptocurrency firm for three years.

Despite these restrictions, Zhao remains one of the wealthiest individuals in the cryptocurrency industry, with an estimated net worth of $47.7 billion.

CZ's Time in Prison and Future Plans

Zhao has kept a low profile since beginning his sentence, and there have been no updates on his social media accounts since May.

Prior to his incarceration, Zhao hinted at focusing on writing projects during his time in prison.

Speculation about his release has circulated online, but the BOP website confirms that he remains in custody until September 29.

Dapatkan pemahaman yang lebih luas tentang industri kripto melalui laporan informatif, dan terlibat dalam diskusi mendalam dengan penulis dan pembaca yang berpikiran sama. Anda dipersilakan untuk bergabung dengan kami di komunitas Coinlive kami yang sedang berkembang:https://t.me/CoinliveSG

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