Binance founder CZ moved to halfway house, remains in custody

Former Binance CEO Changpeng Zhao has been transferred from prison to a semi-open prison located at the Residential Reentry Management office in Long Beach, California.

Crypto Twitter is abuzz with rumors and speculation that Zhao has officially been released from all custody. While false, the latest federal detainee tracker has been updated to show Zhao in a halfway house.

BREAKING NEWS‼️

Binance founder CZ released from prison and transferred to ‘halfway house’

Full versions will be released in September, just in time for the bull market 🚀 🤑 pic.twitter.com/OVNQHpyaN6

— Radar🚨 (@RadarHits) August 22, 2024

Despite being moved, Zhao remains in custody and has not been released. RRM Long Beach is a facility designed to help inmates transition back into society as they approach the end of their sentences.

Changpeng Zhao’s conviction

Zhao, who began serving a sentence at the end of May for violating U.S. money laundering laws, is scheduled to be released on September 29.

He was found guilty of violating US anti-money laundering laws. Zhao resigned as Binance CEO. As part of the legal settlement, Binance was also fined $4.3 billion, and Zhao agreed to personally pay $50 million in fines.

Zhao remains under strict surveillance and is still completing his sentence. This development comes as Zhao faces a new lawsuit from crypto traders who accuse Binance of facilitating money laundering through poor regulatory practices.

Zhao, one of the richest names in the cryptocurrency world, was banned from running Binance for three years after an agreement was reached with the US government.