Binance's Zhao Changpeng Expected to Be Released Early on Friday: What’s Next for CZ After Regaining Freedom?

Zhao Changpeng (CZ), founder of Binance, is anticipated to be released from custody on September 29, 2023, following his four-month prison sentence related to a settlement with the U.S. Department of Justice and the Commodity Futures Trading Commission (CFTC). This early release is likely due to regulations allowing inmates to leave before the weekend.

In November 2022, Binance reached a settlement with U.S. authorities, admitting to violations of anti-money laundering laws and agreeing to pay a fine of $4.3 billion. Following this, Zhao resigned as CEO of Binance and paid a personal penalty of $175 million.

Currently, he is serving his sentence at the Long Beach Residential Reentry Management facility in California, where he has access to supervised outings.

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

What’s next for Zhao Changpeng after he’s released from prison?

Upon his release, it is speculated that Zhao may fly to Dubai or Paris to reunite with his children and family. Additionally, he might continue his philanthropic efforts, particularly focusing on his educational initiative, Giggle Academy, aimed at providing free education to underprivileged children. The project, which has been in the works for several months, could see more developments post-release.

Moreover, Zhao, who has a net worth of approximately $60 billion, may redirect his attention to the cryptocurrency sector, despite facing significant challenges. Due to the terms of his settlement, he is prohibited from participating in daily operations at Binance, which has since shifted its focus away from the U.S. to Asia and offshore markets. Nonetheless, as the largest shareholder, Zhao is expected to exert considerable influence on Binance's future direction.

Binance's Position

In response to Zhao's imminent release, Binance expressed happiness for his reunion with family, while affirming that the company continues to thrive under its current leadership. The exchange has maintained over 229 million global users and remains a significant player in the cryptocurrency market, despite Zhao's restrictions.

In conclusion, Zhao's release marks a pivotal moment for both him and Binance, as he balances personal, philanthropic, and potential business pursuits in the evolving landscape of cryptocurrency.

Read more: Soon-to-Be Prison-Free CZ Faces Lifetime Ban from Operating or Managing Binance: Is This a Death Sentence or an Unexpected Blessing?