- According to CZ’s inmate tracker, he was originally billed to leave the RRM Long Beach halfway house in California on Sunday, September 29, 2024
- CZ will likely be released on Friday, September 27, based on a US Federal Bureau of Prisons rule
- Three cryptocurrency traders have filed a new lawsuit against him, claiming that Binance and he lost their money due to inadequate money laundering regulations
Changpeng Zhao (CZ), founder and former CEO of the world’s largest crypto exchange, Binance, will most likely leave United States federal prison today, Friday, September 27, 2024, two days earlier than expected.
According to CZ’s inmate tracker, he was originally billed to leave the RRM Long Beach halfway house in California on Sunday, September 29, 2024. But reports say he will likely be released on Friday, September 27, based on a US Federal Bureau of Prisons rule.
According to US Code Title 18, Crimes and Criminal Procedure § 3624, “a prisoner shall be released by the Bureau of Prisons on the date of the expiration of the prisoner’s term of imprisonment, less any time credited toward the service of the prisoner’s sentence as provided in subsection (b). If the date for a prisoner’s release falls on a Saturday, a Sunday, or a legal holiday at the place of confinement, the prisoner may be released by the Bureau on the last preceding weekday.”
Binance founder and CEO Changpeng Zhao, right, leaves federal court in Seattle on November 21, 2023. Photo credit: Ken Lambert/AP
While this has raised enthusiasm among CZ’s fans, he may still not be released today. Here’s why: the provision of the rule on which the analysis and his expected release are based says “may be released by the Bureau on the last preceding weekday.” The keyword is “may”. This means that it is not cast in stone and is left to the discretion of authorities.
So, while expectations are high and CZ is expected to be released today, the US Federal Bureau of Prisons may decide otherwise and may present reasons for their decision.
CZ’s release will end his four-month sentence but may not end his legal troubles in the United States. He paid a $4 billion settlement after entering a guilty plea to the charge of failing to "maintain an effective anti-money laundering programme" last year. He received a four-month sentence and, if released today, will have served 116 days in prison.
Whether CZ is released today or on Sunday, he will likely face another lawsuit when he steps out of the prison: three cryptocurrency traders have filed a new lawsuit against him, claiming that Binance and he lost their money due to inadequate money laundering regulations.
US state blocks Nigerian’s crypto scam, fines him $50,000
Meanwhile, TheRadar earlier reported that The United States state of Kansas has blocked an attempt by a Nigerian cryptocurrency scammer, Bimbo Toyin Akinyemi, to defraud one of its residents of their cryptocurrency assets.
According to the state’s statement, “State of Kansas, U.S., Thwarts Attempt by Nigerian Crypto Scammer to Defraud Resident, Attracting Over $50,000 in Civil Penalties,” Akinyemi promised the unsuspecting victim a substantial return on cryptocurrency investment.
