According to Fortune, Binance founder and former CEO Changpeng Zhao (CZ) will be released on Friday, September 27. This is different from the release announced on Sunday by the U.S. Bureau of Prisons (BOP).
The 47-year-old cryptocurrency entrepreneur is finishing a four-month sentence that began in July at a federal prison in Lompoc, California.
Former Binance CEO Could Be Released Today
As BeInCrypto reported, BOP confirmed the release of CZ on their official website . The calendar showed September 29th. This date was unusual as it fell on a weekend. CZ could unexpectedly be released two days earlier than the official date.
According to federal regulations, inmates can be released early if their release date falls on a weekend. According to the report, there will be a chauffeured vehicle ready to meet CZ outside the prison.
The plane will take him to Dubai or Paris, where his partner Hei and their children currently reside. Hei holds an executive position at Binance.
Read more: Who is Changpeng Zhao? A deep dive into the former Binance CEO
CZ was convicted of failing to implement adequate anti-money laundering measures at Binance, but he received a lighter sentence than the three-year sentence sought by the DOJ.
CZ's legal team secured his generosity by sharing character references from colleagues and industry leaders. He also emphasized his plans to focus on philanthropy. CZ promised to start a new chapter in his life centered around philanthropy.
“In the next chapter of my life, I want to provide opportunities to others, especially our youth. I am building a platform that provides free, high-quality education to underprivileged children around the world,” said CZ.
In the weeks leading up to his sentencing, CZ launched the Giggle Academy project, which provides free and fun learning tools for kids.
'A lifetime ban from Binance CEO' was one of the conditions of his legal deal with the US government. Despite this, CZ still retains management control as the company's major shareholder.
With the possibility of CZ being released before the cryptocurrency market closes over the weekend, traders and investors are expecting volatility . BeInCrypto recently reported that some altcoins are likely to see price action , with a particular focus on Binance Coin (BNB).
Read more: Binance Review 2024: Is It the Right Crypto Exchange for You?
According to BeInCrypto data, BNB is trading at $605.43 at the time of writing, up more than 2% since the session opened on Friday.
