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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La entrada Binance founder to be released from prison on September 29 apareció primero en Bitfinance.