Changpeng “CZ” Zhao, the founder of Binance, has been released from prison two days ahead of his scheduled release date, benefiting from a federal policy that allows early release when the official date falls on a weekend or holiday.
Zhao was sentenced to four months behind bars in April after pleading guilty to violating the Bank Secrecy Act (BSA). The charges stemmed from Binance’s failure to implement a robust know-your-customer (KYC) program. As part of his plea deal, Zhao agreed to pay a $50 million fine and step down from his position as CEO of the crypto exchange. Binance itself faced a hefty penalty, paying $4.3 billion in fines to settle related charges with U.S. regulators.
Above data found at BOP
While custodial sentences for BSA violations are uncommon, Zhao’s four-month term was seen as relatively lenient, especially in contrast to the three years prosecutors initially sought. U.S. District Judge Richard Jones, who presided over the case, cited Zhao’s clean criminal record and strong support from family, friends, and colleagues—bolstered by 161 letters of support—as factors in his sentencing decision.
Zhao served three months in a low-security facility, Lompoc II, located on California’s central coast. He was transferred to a halfway house in San Pedro, California, in August, where he completed the remainder of his sentence. His early release marks the official conclusion of his imprisonment.
Zhao’s return to freedom could have significant implications for the cryptocurrency market, as he remains a key figure in the industry.
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