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The former Binance CEO's four-month jail term is finally coming to a close. According to the details on the official website of the United States Federal Bureau of Prisons, Changpeng "CZ" Zhao will be out of the low-security prison in Santa Barbara County, where he was serving time, by Sept. 29.
CZ sentencing almost over
CZ, as he is popularly referred to, reported to a low-security federal prison in Lompoc, California, in May after receiving his sentence in April.
Arman ShirinyanSuch was the fate of the 47-year-old after he pleaded guilty to charges of enabling money laundering at his crypto exchange. The case eventually cost him his position as the CEO at the leading crypto exchange.
Federal prosecutors suggested that he be sentenced to three years in prison. Similarly, the sentencing guidelines called for a prison term of 12 to 18 months, and the defense requested five months of probation. However, the judge was more lenient and pronounced only a four-month sentence.
After some time in the Lompoc prison, the ex-Binance CEO was transferred to a halfway house, an institution for people who need educational, social, psychiatric and other services before being integrated back into society.
What future holds for CZ
Once his four-month jail term is completed, it is assumed that CZ may reenter the crypto industry, although no information has been released to justify this speculation. According to Richard Teng, the current CEO of Binance, CZ will not return to run Binance. Even the Department of Justice (DOJ) has prohibited him from running the crypto exchange for life.
Alex DovbnyaBefore leaving for prison, he launched an educational initiative for children dubbed Giggle Academy. The nonprofit project specifically targets underprivileged kids, teaching them about finance, blockchain and mathematics. CZ also talked about releasing a book, although he did not specify the subject.
These might be his immediate foci once he is released on Sept. 29.
Arman Shirinyan
Alex Dovbnya
Vladislav Sopov
Dan Burgin
U.Today Editorial Team