Former Binance CEO CZ Case Sees Unexpected Turn: Details
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Chinese cryptocurrency blogger Colin Wu has published a tweet, sharing news about the founder of the world’s biggest cryptocurrency exchange, Binance, and its former CEO.
Changpeng Zhao (known to the crypto community simply as CZ) was forced to step down from his leading position on charges of money laundering in the U.S. For his cooperation with the court, and Binance paying a $4.3 billion fine, he was sentenced to just four months in prison. The sentence was made on April 30 this year.
The day when CZ was expected to leave prison was Aug. 30. Now, unless his situation changes, that will not happen so soon.
Yuri MolchanCZ likely to stay in prison longer, Here's why
Colin Wu cited an article by Protos, which stated that unless any significant alterations arise in CZ’s current situation, he will walk out of the FCI Lompoc II low-security prison (FCI standing for “Federal Correctional Institution”) in Seattle a month later than expected – on Sept. 29.
The issue is that CZ’s lawyers from major law firms Quinn Emanuel Urquhart & Sullivan, Davis Wright Tremaine and Latham & Watkins initially announced that they would try to get CZ an extra several weeks of freedom. However, Changpeng Zhao did not start serving his short prison sentence on April 30, as was planned.
He eventually went to prison at the end of May, almost a month later. CZ has become the richest person to ever do a jail time in the U.S. Initially, prosecutors insisted on him getting a three-year prison sentence, but the judge eventually reduced that to just four months.
CZ's most recent business ventures and plans
After CZ resigned as Binance boss in November last year, he first announced his plans to try and combine crypto and biotech. However, later he rejected that idea and started developing an online school called “Giggle Academyб” where he planned to give free educational courses to children and teenagers in a playful form, using modern tech.
One of the projects CZ worked on was teaching English. After his sentence was announced in April, the former Binance boss teased on X that he might write a book since he would be getting some free time soon.
Arman Shirinyan
Alex Dovbnya
Vladislav Sopov
Dan Burgin
U.Today Editorial Team