Richard

April

Contrary to a recent rumor on X, Changpeng ‘CZ’ Zhao, the co-founder and former CEO of Binance, the world’s leading crypto exchange platform will not be released from prison on August 30. According to a <a href="https://protos.com/when-is-binance-founder-cz-coming-out-of-prison/" rel="noopener noreferrer nofollow">quick fact-check</a>, his actual release date is September 29.&nbsp;
<h2 id="b-cz-did-not-go-to-prison-at-the-exact-sentenced-date-b-span-style-font-weight-400-span">CZ Did Not go to Prison at the Exact Sentenced Date&nbsp;</h2>
After CZ’s sentence in April, his legal team delayed his sentencing, allowing him to earn a few extra weeks of freedom. As of May 16, CZ had not entered the prison. He is currently serving his sentence at the Federal Correctional Institution Lompoc II, a low-security federal prison three hours north of Los Angeles.&nbsp;
The confusion over his release date arose from a series of miscommunications. Initially, reports surfaced suggesting that CZ would be released on August 30, sparking excitement and anticipation among his supporters. However, it was later clarified that these reports were inaccurate. The delay in his sentencing by his legal team was the primary reason for this misunderstanding, leading to the adjustment of his release date to September 29.
As CZ continues to serve his sentence, the cryptocurrency world is closely watching for updates about his situation. His release is expected to have significant effects on Binance and the industry.
<h2 id="b-cz-quits-as-binance-ceo-after-doj-settlement-b">CZ Quits As Binance CEO After DoJ Settlement</h2>
In November 2023, the <a href="https://thecoinrise.com/changpeng-zhao-quits-as-binance-ceo-after-doj-settlement/" rel="noopener noreferrer nofollow">former CEO of Binance exited his role as CEO</a> of the platform following a series of investigations that culminated in an agreement with the Department of Justice (DoJ). In an announcement, CZ decided to step aside and <a href="https://thecoinrise.com/sec-sues-crypto-exchange-binance-and-ceo-zhao/" rel="noopener noreferrer nofollow">pleaded guilty to violations of US money laundering regulations</a>.&nbsp;
The move which CZ describes as “the best for our community, for Binance, and myself” is an attempt to close the criminal investigations into the crypto exchange and secure the exchange’s continued operations. Furthermore, the exchange agreed to <a href="https://thecoinrise.com/us-doj-demands-over-4b-from-binance-to-resolve-probe/" rel="noopener noreferrer nofollow">pay $4.3 billion as part of the settlement for charges</a> brought against it. Separately, CZ also paid a fine of $50 million in addition to stepping down from his role as CEO.
<h2 id="b-binance-cz-s-hearing-not-as-high-profile-as-sbf-s-b">Binance CZ’s Hearing Not as High Profile as SBF’s&nbsp;</h2>
Many who attended CZ’s hearing suggested that the event was not as high-profile as Sam Bankman-Fried’s trial or sentencing, which attracted long lines outside the New York City courthouse. Attorneys for the Justice Department also pushed back against comparing the two crypto figures, adding that the crimes were not about their personalities.
Meanwhile, in an April 30 hearing in the U.S. District Court for the Western District of Washington, Judge Richard Jones <a href="https://thecoinrise.com/binance-cz-faces-a-4-month-prison-sentence/" rel="noopener noreferrer nofollow">sentenced Zhao to four months in prison</a>. Prosecutors had recommended CZ serve three years for his failure to maintain an effective Anti-Money Laundering (AML) program while at the crypto exchange. However, CZ’s lawyers <a href="https://thecoinrise.com/binance-founder-cz-requests-probation-in-money-laundering-case/" rel="noopener noreferrer nofollow">requested he is given a probation</a>.
The post <a href="https://thecoinrise.com/binance-founder-to-stay-in-prison-until-september/" rel="noopener noreferrer nofollow">Binance Founder To Stay In Prison Until September</a> appeared first on <a href="https://thecoinrise.com" rel="noopener noreferrer nofollow">Latest News and Insights on Blockchain, Cryptocurrency, and Investing</a>.

Binance Founder To Stay In Prison Until September

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