Binance Founder CZ Set For A 2 Day Early Release After Serving Sentence

Changpeng Zhao will be released from federal custody after serving a four-month sentence. Zhao plans to focus on family and philanthropy while legal restrictions limit his involvement in Binance.

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Meghna Chowdhury
Meghna Chowdhury
Meghna is a Journalism graduate with specialisation in Print Journalism. She is currently pursuing a Master's Degree in journalism and mass communication. With over 3.5 years of experience in the Web3 and cryptocurrency space, she is working as a Senior Crypto Journalist for UnoCrypto. She is dedicated to delivering quality journalism and informative insights in her field. Apart from business and finance articles, horror is her favourite genre.

The founder of the cryptocurrency exchange Binance, Changpeng Zhao, will be released from federal detention in Long Beach, California, on Friday. This will be his first opportunity to enjoy freedom in several months.

His release was initially scheduled for the 29th of September but since it falls on a weekend, he gets an early release today. However, it’s not yet confirmed by the prison authorities.

Zhao, also known as “CZ,” was sentenced to four months in prison in the United States in April after he consented to return from Dubai. Zhao was charged with failing to implement anti-money laundering measures at Binance.

He spent some time serving his sentence in a halfway home and later in a minimum-security facility. According to a Fortune report, Zhao will be reunited with his family upon his return to public life, along with his $60 billion personal fortune.

Changpeng Zhao as an Influential Figure

During his time in custody, Zhao, one of the most influential figures in the cryptocurrency industry, spent two months at a minimum-security facility in California before being transferred to a halfway house. 

There, he was allowed supervised excursions, such as going to the movies. With his legal troubles behind him, Zhao is free to return to his family and business interests, though restrictions remain on his involvement with Binance.

Zhao is likely to travel in luxury when he is released on Friday, two days earlier than planned because of a weekend condition in the release mechanism. There are rumours that he is going to take a private aircraft to Paris or Dubai, where his kids reside with their mother, He Ye, a senior official at Binance.

Zhao’s post-prison life has been significantly impacted by his relationship with his family, particularly since they supported him throughout his sentencing earlier this year. His mother, sister, and son were among his family members who supported him and gave him character references that convinced the judge to give him a comparatively light sentence.

Zhao’s Future in the Crypto Industry

Zhao might become a more dedicated philanthropist in the future. Zhao founded Giggle Academy, an educational project to give kids all over the world free learning resources, before his incarceration.

Even though the project is still in its infancy and currently consists mostly of a website and a few job advertisements, Zhao stated that he intends to use his sentence to concentrate on giving back.

He declared, “For the next chapter of my life, I want to provide opportunities for others, especially our youth,” laying out plans to enable impoverished children all around the world to receive a top-notch education.

Regarding Zhao’s possible future involvement in the digital currency space, there are still unanswered issues. Zhao’s legal settlement included that he had to resign as CEO of Binance and that he could not take part in the day-to-day operations of the company.

Even so, Zhao continues to possess the majority of Binance’s shares, potentially giving him continued control over the company’s course. Furthermore, Zhao may be able to influence the direction of the business without directly breaking the terms of his settlement if Binance chooses to reduce its U.S. activities and concentrate on Asia and offshore markets.

What Does Binance Have to Say?

A spokesperson for Binance expressed the company’s excitement at Zhao’s release. “We are delighted that CZ will be home with his family. While he is not managing or operating Binance, we are excited to see what he does next. Since last year, Binance has continued to thrive under the leadership of our current team, surpassing 229 million users globally,” the spokesperson said in a statement.

Zhao may decide to divide his attention between his family, philanthropy, and the cryptocurrency empire he helped develop as he gets ready to return to the public eye. It is still to be seen how he would manage these obligations in addition to the legal restrictions imposed on him by the American government.

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