- Changpeng Zhao was sentenced on April 30
- CZ’s fans expect him to be out of prison on August 30
- CZ did not enter prison on April 30
There are indications that the woes of Binance founder Changpeng Zhao (CZ) may not be over as soon as expected. New information has shown that he may stay longer in prison than his fans expected.
Recall that CZ was sentenced to a four-month term in Seattle prison by United States District Judge Richard on April 30.
Recently, some of his fans and followers took to X to celebrate his coming release on August 30. But new details revealed by Protos show that CZ is not likely to leave prison on August 30.
Many believed that CZ was led to prison and his sentence started counting the same day, so he should be leaving the prison on August 30. But according to Proton’s revelation, more than two weeks after his sentence (May 16), CZ was still enjoying his freedom.
Recall that his lawyers from law firms Quinn Emanuel Urquhart & Sullivan, Davis Wright Tremaine, and Latham & Watkins worked very hard to get him a very light sentence and a soft landing.
So, more than two weeks into his prison term, he had still not entered the custody of the Bureau of Prisons. A few days later, his lawyers, probation, and pretrial services offices agreed to have him enter prison in late May.
CZ’s Federal Bureau of Prisons profile. Source: FBP via Protos
Relatedly, records checked by Protos on the Bureau of Prisons database revealed that CZ was at the Federal Correctional Institution Lompoc II in Los Angeles, instead of Seatac in Seattle.
When will Binance founder CZ leave prison?
From the analysis, barring any intervention or new agreement, it is most likely that CZ will not leave prison on August 30 because he did not enter the prison on the day he was sentenced (April 30), which is four months. So, the likely date CZ will leave prison is September 29, which is four months from the date he entered prison.
CZ founded Binance and was its CEO for years until his lawsuit in the US. Under CZ’s watch, Binance grew massively but ran into regulatory violations and paid financial penalties around the world.
Binance is still facing money laundering and tax evasion lawsuits in one of the world’s largest crypto markets, Nigeria. One of its executives, Tigran Gambaryan, is still being held in one of Nigeria’s prisons under deplorable conditions and ill health.
Coinbase asks court to compel SEC chair Gary Gensler to release his secret emails
Meanwhile, TheRadar earlier reported that crypto exchange, Coinbase, has filed a motion asking a New York court to compel the Chairman of the United States Securities and Exchange Commission (SEC), Gary Gensler, to release his private emails. The emails will aid Coinbase in its suit against the regulator.
This came days after the exchange notified Judge Katherine Polk Failla of its intention to narrow its document request via a letter. Coinbase first requested a copy of Gensler's private correspondence (prior to and during his tenure as SEC Chair) in April, but the SEC and Judge Failla have since rebuffed the request.
