Binance Founder CZ Set for September 29th Prison Release

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Changpeng ‘CZ’ Zhao, Binance co-founder and former CEO, will be released from a United States prison on the last Sunday in September. According to the U.S. Federal Bureau of Prisons official website, he registered under 88087-510 and will be set free on September 29.

The CZ’s Controversial Sentencing

A search of the registration number reveals details of the crypto innovator as a 47-year-old Asian male living in Long Beach. With this confirmation, CZ, the founder of one of the largest crypto exchanges, would look forward to regaining his freedom in just a few days.

Judge Richard Jones sentenced the Binance founder to four months in prison in what many in the industry consider a light sentencing. However, the prosecutors in the U.S. Department of Justice demanded a higher prison time. The DOJ requested 36 months for CZ.

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However, Judge Jones decided otherwise after reviewing the Probation Office’s recommendations. Before his sentencing, the former Binance CEO had apologized for failing to follow regulatory guidelines strictly. Notably, the exchange did not implement the Know-Your-Customer (KYC) procedures during Zhao’s time in charge.

Binance Founder’s Post-Prison Plans Hints at Education

Although it remains uncertain what CZ’s next moves in cryptocurrency will entail, he has hinted at dedicating some of his time to education. In an interview after his sentencing, the soon-to-be-released Binance founder stated that he intends to focus on education after serving time in jail.

A few months before his sentencing, CZ launched Giggle Academy in March of this year, even while facing trial. According to CZ, the project will have no revenue but will focus on providing free basic education. The project intends to employ gamification and an adaptive curriculum for eventual users.

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Is There a Looming Legal Battle for Binance?

Meanwhile, as TheCoinRise reported earlier, three crypto investors have filed a class-action lawsuit against the Binance exchange and CZ.

The case, filed in the U.S. District Court for the Western District of Washington, Seattle, argues that Binance failed to prevent money laundering, which, they insist, allegedly resulted in the plaintiffs losing their digital assets.

Binance has since appointed a new CEO, Richard Teng. He has steered the exchange’s affairs and tried to follow regulatory laws in the countries where Binance operates.