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Binance Founder CZ Will Be Released From Prison 2 Days Early

Key Points:

Binance founder CZ is set to be released today, September 27, two days earlier than his scheduled release date due to weekend policies for inmates.
Despite being prohibited from daily operations at Binance as part of his plea deal, Zhao remains a majority shareholder and board member.

According to Fortune, Binance founder CZ will be let out of custody today, September 27, two days ahead of his official release date, as is often the case when inmates are allowed to leave early if their date of release happens on a weekend.

Binance Founder CZ Set for Early Release from Custody

The man widely known as “CZ,” Zhao has been in federal custody since April when he arrived in the U.S. from Dubai to begin serving a four-month sentence for failing to establish adequate anti-money laundering controls at his cryptocurrency exchange.

Binance founder CZ served about two months in a minimum-security federal prison in the California desert before being transferred to a halfway house in Long Beach. A Binance spokesperson said Zhao had been allowed supervised outings and has gone out to a movie.

Once released, CZ is expected to be whisked away in a chauffeur-driven car directly to a private jet, probably bound for Dubai or Paris, reportedly where his children with his former partner, Binance Senior Executive He Yi, reside. While the plea agreement reached between Zhao and the US government prohibits him from engaging in the daily management of Binance, he is a majority shareholder and a board member who has tremendous influence within the company.

Philanthropic Aspirations After Release

Whereas the recent executive arrests and continued regulatory scrutiny pose potential threats to Binance’s future operations, Zhao earlier expressed the desire to maintain his focus on philanthropy, which includes the Giggle Academy project for free educational materials for children across the world. The details about its progress are still scanty.

Also, the US House Foreign Affairs Committee signed off on a resolution about releasing Binance’s financial crimes compliance officer Tigran Gambaryan, arrested in Nigeria earlier this year.

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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.