Long

Richard

when

Changpeng Zhao, the co-founder of the cryptocurrency exchange Binance, is scheduled to be released from U.S. custody on September 29, according to information from the U.S. Federal Bureau of Prisons. Currently serving a four-month sentence, Zhao has been transferred to the Long Beach Residential Reentry Management facility in California. 
Zhao’s legal troubles began in late 2023 when he and Binance entered guilty pleas related to violations of U.S. anti-money laundering laws. As part of a settlement with authorities, Binance was ordered to pay a staggering $4.3 billion in fines, while Zhao himself agreed to a $50 million penalty and stepped down from his role as CEO. 
The U.S. Department of Justice had initially sought a more severe sentence of three years for Zhao, citing the severity of his actions in enabling large-scale money laundering activities through Binance. However, Judge Richard Jones ultimately imposed a shorter term, reflecting mitigating factors such as Zhao’s character and lack of direct knowledge regarding the illegal activities. 
As Zhao prepares for his release, speculation surrounds his potential return to the cryptocurrency sector and how it might impact Binance and its native token, BNB. Despite his legal challenges, Binance continues to operate amid ongoing scrutiny from regulators.

Changpeng Zhao Set for Release from U.S. Custody on September 29

CoinstelegramEng

Other articles published on Sep 16, 2024

Sonic Blockchain Targets $11T Unsecured Lending Market With Credit Scores for Digital Wallets

SEC Increases Oversight of Crypto Exchanges and Mining Companies

El Salvador’s President Nayib Bukele Announces Halt to Foreign Debt Using Bitcoin Strategy

Standard Chartered Enters UAE Crypto Market with Custody Services for Bitcoin and Ethereum

Is the ETH/BTC Sub-0.04 Dip Ethereum’s Ultimate Low Point?

Circle Partners with Sony to Boost USDC Adoption on Soneium

Join our free newsletter for daily crypto updates!