Zhao, who has been residing in a halfway house pending his release since the end of August, was granted release on Friday.
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Changpeng “CZ” Zhao, the founder of Binance, has been released from incarceration, as confirmed by the U.S. Bureau of Prisons (BOP).
His release occurred two days prior to the originally planned date, which was set for Sunday, September 29. The BOP has the legal authority to grant early release to inmates when their scheduled release coincides with a weekend or holiday.
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In April, Zhao received a four-month prison sentence for breaching the Bank Secrecy Act (BSA) due to his failure to implement a sufficient know-your-customer (KYC) program at Binance. As part of his plea agreement, Zhao consented to pay a fine of $50 million and resign from his position as CEO of the cryptocurrency exchange. Additionally, Binance agreed to a settlement involving a $4.3 billion fine to various U.S. regulatory bodies in connection with related allegations.
Custodial sentences for BSA violations are relatively rare; for instance, former BitMEX CEO Arthur Hayes, who admitted to similar offenses in 2022, was only sentenced to probation. In contrast, Zhao’s four-month sentence was considered lenient, especially when compared to the three-year term that federal prosecutors had requested.
U.S. District Judge Richard Jones, who presided over Zhao’s case in the Western District of Washington, appeared to be influenced by Zhao’s unblemished criminal history and favorable standing in the community, which was bolstered by 161 letters of support from friends, family, and colleagues.
Zhao spent a duration of three months incarcerated in a low-security facility known as Lompoc II, located along California’s central coastline. In August, he transitioned to a halfway house situated in San Pedro, California.
With an estimated net worth of $25.3 billion, as reported by the Bloomberg Billionaires’ Index, he is regarded as the wealthiest individual to have ever served time in a U.S. prison.
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