Binance Founder Set for Early Release
Binance founder Changpeng Zhao (CZ) is expected to be released from jail two days earlier than scheduled, following a four-month sentence for failing to enforce anti-money laundering measures on the cryptocurrency platform. CZ served half of his sentence at a halfway house in Long Beach, where he could go to movies and make supervised excursions.
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Binance founder Changpeng Zhao (CZ) is expected to be released from jail two days earlier than scheduled, following a four-month sentence for failing to enforce anti-money laundering measures on the cryptocurrency platform. CZ served half of his sentence at a halfway house in Long Beach, where he could go to movies and make supervised excursions.
Under local law, if a release date falls on a weekend, inmates are often released earlier. This means Changpeng Zhao could step out onto the streets on September 27, 2024. CZ has already declined interview requests for the day of his release and is likely to travel immediately to either Dubai or Paris, where his partner and children live.
Before his arrest, Changpeng Zhao was working on a project called Giggle Academy, a free educational platform for children worldwide. Although the platform is not yet operational, Zhao may focus on it in the coming months. Currently, the website only features a few job listings, with no details on funding or the company’s structure.
For the next chapter of my life, I want to provide opportunities for others, namely our youth. I’m building a platform to provide high-quality education for underprivileged kids, all around the world, for free,
CZ stated during his court hearing.
As a result of the legal proceedings, CZ lost his position as CEO of Binance and is barred from participating in the company’s operations. However, he remains the largest shareholder of the exchange. Binance representatives have already extended their well wishes to their former leader ahead of his expected release.
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