After Binance reached a settlement agreement with the U.S. Department of Justice, the Commodity Futures Trading Commission (CFTC) and other agencies in November last year, pleading guilty and agreeing to pay a $4.3 billion fine, founder CZ(CZ) also admitted to violating U.S. anti-money laundering laws and other charges. Resigned as CEO of Binance and paid a $175 million fine.
Finally, in May this year, the U.S. District Court in Seattle sentenced CZ to four months in prison. He is still serving his sentence. However, according to the website of the U.S. Federal Bureau of Prisons, CZ has been transferred to the Long Beach Residential Reentry Management Office in central California and is expected to It will be released on September 29th.
It is worth noting that according to a report by the American Fortune magazine "Fortune" today, CZ may be released this Friday, two days earlier than the official release date, because if the release date happens to fall on a weekend, the prisoner can be released from prison early.
CZ is allowed to have supervised outings at the Long Beach Residential Reentry Administration, including going to the movies, according to a prison official.
What’s next for CZ after he’s released from prison?
After CZ is released from prison, Fortune magazine speculates that he may take a private plane to Dubai or Paris, because his children live there with their mother He Yi, and CZ may decide to make up for lost time after being released from prison, with Spend more time together as a family.
CZ may also promote his charity next. Before he was imprisoned, he announced the launch of the education project Giggle Academy, which aims to provide free basic education to poor children. The official website of the project has posted recruitment announcements for several months, but there is no information about it. Any information on the project's timeline or its funding sources and scope, and more details about the project may emerge in the coming months after CZ is released from prison.
In addition to spending time with his family and promoting philanthropy, CZ, who is worth $60 billion, may also turn his attention to a third pursuit, the cryptocurrency industry that made him rich.
However, CZ faces major problems in the crypto. According to the terms of the criminal settlement, CZ has been forced to resign as CEO of Binance and needs to stay away from any daily activities involving Binance. The settlement agreement also requires Binance to accept two outsiders mandated by the U.S. government. Supervisors provide oversight to ensure compliance.
Expected to continue to be influential on Binance
Despite the obvious limitations, the reality is that Binance no longer operates in the United States, but focuses on Asia and offshore markets. Even if CZ is no longer CEO, he is still the largest shareholder of Binance and should be able to influence Binance. The future direction will have a considerable impact, and CZ is only 47 years old. It is expected that he will continue to exert influence in the cryptocurrency and business fields in the next few years.
Regarding CZ release, Binance said:
I'm glad that CZ will be reunited with his family. While he doesn’t manage or operate Binance, we’re excited to see his next move. Since last year, Binance has continued to thrive under the leadership of the current team, with more than 229 million users worldwide.
