Binance founder to be released from prison on September 29
Changpeng Zhao, the former CEO of the Binance platform, will be released from prison next week, adjusting to the initial schedule of his sentence
Former Binance CEO and co-founder Changpeng Zhao will be released on September 29, after serving a four-month prison sentence in a US jail.
According to the US Federal Bureau of Prisons website, Zhao, known as “CZ,” will soon be released from a correctional facility in Los Angeles. According to “the official website shows that the inmate, identified by the name CHANGPENG ZHAO and registration number 88087-510, will be released on September 29, 2024.”
Changpeng Zhao’s sentence was handed down in April after he pleaded guilty to failing to implement “adequate know-your-customer (KYC) procedures at the world’s largest cryptocurrency exchange.”
CZ pleaded guilty to violating the “US Bank Secrecy Act in November and, as part of a Department of Justice settlement with Binance, agreed to step down from his position as CEO.”
As you may recall, the deal included paying a $50 million fine. Binance, on the other hand, was fined $4.3 billion. CZ served his sentence in a low-security California correctional facility, and was most recently transferred to Residential Reentry Management (RRM) Long Beach, in Los Angeles, where authorities relocate federal offenders.
M.Pino
Source: diariobitcoin
(Reference image source: Unsplash+, in collaboration with Feyza Yıldırım)
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