dailyhodl.com
The founding CEO of Binance is rapidly approaching his prison release date.
According to the U.S. Federal Bureau of Prisons website, inmate #88087-510, Changpeng Zhao, is set to be released on Sunday, September 29th.
Zhao is currently serving his sentence at Residential Reentry Management (RRM) Long Beach, a Southern California prison with over 14,000 inmates.
Last November, Zhao stepped down as Binance CEO and was replaced by Richard Teng. Both Zhao and Binance pled guilty to violating anti-money laundering requirements of the Bank Secrecy Act violations.
In April of this year, the U.S. Department of Justice (DOJ) was reportedly seeking up to a three-year sentence for Zhao.
Before Zhao was sentenced in May, he promised to remain a “passive” holder of crypto.
“I would like to thank everyone for your care and support, be it writing letters, showing support on X, or in any other form. They all mean a lot to me and keep me strong. I will do my time, conclude this phase and focus on the next chapter of my life (education)…
I will remain a passive investor (and holder) in crypto. Our industry has entered a new phase. Compliance is super important.
A silver lining of this whole process is that Binance has been under the microscope. And funds are SAFU (secure asset funds for users).”
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