• The Informer Post
  • Posts
  • Former Binance CEO Changpeng Zhao To Be Released From Prison September 29

Former Binance CEO Changpeng Zhao To Be Released From Prison September 29

September 16, 2024

The founding CEO of Binance is rapidly approaching his prison release date.

According to the U.S. Federal Bureau of Prisons website, inmate #88087-510, Changpeng Zhao, is set to be released on Sunday, September 29th.

Zhao is currently serving his sentence at Residential Reentry Management (RRM) Long Beach, a Southern California prison with over 14,000 inmates.

Last November, Zhao stepped down as Binance CEO and was replaced by Richard Teng. Both Zhao and Binance pled guilty to violating anti-money laundering requirements of the Bank Secrecy Act violations.

In April of this year, the U.S. Department of Justice (DOJ) was reportedly seeking up to a three-year sentence for Zhao.

Before Zhao was sentenced in May, he promised to remain a “passive” holder of crypto.

“I would like to thank everyone for your care and support, be it writing letters, showing support on X, or in any other form. They all mean a lot to me and keep me strong. I will do my time, conclude this phase and focus on the next chapter of my life (education)…

I will remain a passive investor (and holder) in crypto. Our industry has entered a new phase. Compliance is super important.

A silver lining of this whole process is that Binance has been under the microscope. And funds are SAFU (secure asset funds for users).”

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: DALLE-2