Changpeng Zhao, the founding CEO of Binance, is set to be released from prison on Sunday, September 29th, according to the U.S. Federal Bureau of Prisons website. He is currently serving his sentence at Residential Reentry Management (RRM) Long Beach, a prison in Southern California with a large inmate population.
Last November, Zhao stepped down as CEO of Binance and was replaced by Richard Teng. Both Zhao and Binance pled guilty to violating anti-money laundering requirements of the Bank Secrecy Act. In April of this year, the U.S. Department of Justice (DOJ) was seeking a possible three-year sentence for Zhao.
Before his sentencing in May, Zhao made a promise to remain a “passive” holder of cryptocurrency. He expressed gratitude for the support he had received during his time in prison and stated that he would focus on the next chapter of his life, which involves education. Zhao also emphasized the importance of compliance in the cryptocurrency industry.
Despite the challenges he faced, Zhao highlighted a positive outcome of the situation, noting that Binance had been under scrutiny but funds were secure. He reassured the public that the funds were “SAFU” (secure asset funds for users).
As Zhao prepares for his release, the cryptocurrency community awaits his next steps. His commitment to remaining a passive investor in crypto suggests that he will continue to be involved in the industry, albeit in a different capacity. With his impending release, many will be watching to see how Zhao’s experience in prison has shaped his future endeavors.
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