News

Binance Changpeng Zhao Will Be Released From Prison On September 29

August 23, 2024 - Around 2 mins mins to read

Key Points:

  • Binance Changpeng Zhao is expected to be released from U.S. custody on September 29.
  • As part of a previous settlement, Zhao was banned from managing Binance for three years, during which time he planned to focus on education and passive investments.
According to the U.S. Bureau of Prisons, Binance Changpeng Zhao is slated to be released from U.S. custody on September 29.
Binance Changpeng Zhao Will Be Released From Prison On September 29

Read more: Binance France Replaces Changpeng Zhao With New Shareholders Holding 50% Shares

Binance Changpeng Zhao Nears Release from U.S. Custody

While Binance Changpeng Zhao was recently transferred from a minimum-security prison in Southern California to the Residential Reentry Management Long Beach facility, some social media users took this to mean he had been freed early. The RRM program—colloquially known as a “halfway house”—is intended to help ease inmates back into society.

Although Zhao is out of a regular prison, he is still in the hands of the U.S. government and does not enjoy full freedom of movement. Zhao is likely to end his sentence by the end of September and may go to Dubai to join his family.

As Zhao’s current legal troubles are about to come to an end, he is embroiled in a new lawsuit. Three cryptocurrency traders filed a class-action lawsuit against Zhao and Binance on August 16 for its laxity in AML and KYC procedures, which caused them to lose their funds.

To that effect, they claim the failure to put in place proper security features at Binance enabled criminals to use the crypto platform to launder millions in stolen funds.

Zhao Plans New Ventures Amid Three-Year Ban from Managing Binance

Binance Changpeng Zhao has been permitted to travel back to his home country of Canada but was not allowed to leave the U.S. since he pleaded guilty to the charges in November, settling with the U.S. government. Under the settlement, he is also barred for three years from managing or operating Binance.

Despite this all, Zhao remains one of the wealthiest men in cryptocurrencies, with an estimated net worth of $47.7 billion. He has hinted at his intention to focus on other interests like education and passive investments during his time away from Binance.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Binance Changpeng Zhao

Changpeng Zhao

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Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
News

Binance Changpeng Zhao Will Be Released From Prison On September 29

Key Points:

  • Binance Changpeng Zhao is expected to be released from U.S. custody on September 29.
  • As part of a previous settlement, Zhao was banned from managing Binance for three years, during which time he planned to focus on education and passive investments.
According to the U.S. Bureau of Prisons, Binance Changpeng Zhao is slated to be released from U.S. custody on September 29.
Binance Changpeng Zhao Will Be Released From Prison On September 29

Read more: Binance France Replaces Changpeng Zhao With New Shareholders Holding 50% Shares

Binance Changpeng Zhao Nears Release from U.S. Custody

While Binance Changpeng Zhao was recently transferred from a minimum-security prison in Southern California to the Residential Reentry Management Long Beach facility, some social media users took this to mean he had been freed early. The RRM program—colloquially known as a “halfway house”—is intended to help ease inmates back into society.

Although Zhao is out of a regular prison, he is still in the hands of the U.S. government and does not enjoy full freedom of movement. Zhao is likely to end his sentence by the end of September and may go to Dubai to join his family.

As Zhao’s current legal troubles are about to come to an end, he is embroiled in a new lawsuit. Three cryptocurrency traders filed a class-action lawsuit against Zhao and Binance on August 16 for its laxity in AML and KYC procedures, which caused them to lose their funds.

To that effect, they claim the failure to put in place proper security features at Binance enabled criminals to use the crypto platform to launder millions in stolen funds.

Zhao Plans New Ventures Amid Three-Year Ban from Managing Binance

Binance Changpeng Zhao has been permitted to travel back to his home country of Canada but was not allowed to leave the U.S. since he pleaded guilty to the charges in November, settling with the U.S. government. Under the settlement, he is also barred for three years from managing or operating Binance.

Despite this all, Zhao remains one of the wealthiest men in cryptocurrencies, with an estimated net worth of $47.7 billion. He has hinted at his intention to focus on other interests like education and passive investments during his time away from Binance.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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