Former Binance boss Changpeng Zhao to be released early: report

On September 27, Fortune reported that Changpeng Zhao (CZ) will hit the streets of California as a free man two days before his official release date.

The outlet reported that if the release date falls on a weekend, inmates leave custody early. CZ was scheduled to be released on September 29 after four months in prison.

A Binance spokesperson wrote that the company is “delighted” that CZ is home with his family.

“Although he does not manage or operate 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 worldwide” .

Guess who’s back

According to the report, CZ spent the first half of his sentence in a minimum security prison in the California desert before being moved to a foster home in Long Beach for the past two months.

CZ has an estimated fortune of $60 billion, making him the 25th richest person in the world, Fortune reported. He is likely to be reunited with his family in Dubai or Paris upon his release.

Binance founder ‘CZ’ is released from prison on Friday, along with his $60 billion fortune. https://t.co/V71ythz0Zd

— FORTUNE (@FortuneMagazine) September 26, 2024

The enigmatic founder of Binance was convicted in late April of failing to implement adequate anti-money laundering controls on the exchange. He agreed to plead guilty to a felony count related to violations of the US Bank Secrecy Act and pay a $50 million penalty.

CZ is barred from day-to-day activities at Binance as part of its settlement, but remains the company’s largest shareholder, potentially retaining influence as the exchange no longer operates in the United States.

Now he can focus on his philanthropic project “Giggle Academy”, which aims to provide free education to underprivileged children around the world.

Binance settled with the US Treasury, the Commodity Futures Trading Commission (CFTC) and the Department of Justice in November 2023 for $4.3 billion. However, it is still embroiled in a legal battle with the Securities and Exchange Commission.

BNB price reaction

The exchange’s native token BNB rose to a two-month high, breaking above $600 for the first time since late July.

The asset hit an intraday high of $609 before retreating to $603 during the Asian trading session on Friday morning.

The asset has gained 26% over the past three weeks as crypto markets rallied.

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