Changpeng "CZ" Zhao, founder and former CEO of Binance, is scheduled to be released from Long Beach Residential Reentry Management (RRM) on September 29, 2023, after serving a four-month sentence. The US Federal Bureau of Prisons (BOP) confirmed the release date today, which was previously anticipated but awaited official verification.

Zhao began his sentence in the Federal Correctional Institution in Lompoc, California, after being sentenced on April 30, 2023, by US District Judge Richard Jones. The charges stemmed from his failure to implement effective anti-money laundering (AML) measures at Binance, which allegedly allowed the platform to be exploited by cybercriminals and terrorist organizations. Zhao's sentencing followed investigations by the US Department of Justice (DOJ), culminating in a fine of $50 million, paid by Zhao in November 2023, and his resignation as Binance CEO.

After initially serving time at Lompoc, Zhao was transferred to Long Beach RRM on August 22, 2023, where he completed the remainder of his sentence in preparation for release.

Despite facing potential sentences of up to three years, Zhao’s legal team successfully argued for a reduced four-month term. Prosecutors initially pushed for a more severe penalty, citing Binance’s long-standing vulnerabilities in combating illicit activities on its platform.

In addition to Zhao's personal fine, Binance was slapped with a hefty $4.3 billion fine related to the same investigation, which brought increased scrutiny to the global exchange. Zhao’s early release on September 29 marks a significant milestone as the embattled crypto mogul prepares to move forward in a post-Binance world.

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