Binance founder Changpeng “CZ” Zhao is scheduled to be released from custody on September 29, after spending 118 days in a low-security prison, Lompoc II, on the central coast of California. He was transferred to a halfway house in San Pedro, California in late August, following a three-month stay at Lompoc II.
In April, Zhao was sentenced to four months in prison after pleading guilty to violating the Bank Secrecy Act. As part of his guilty plea, Zhao agreed to pay a $50 million fine and resign as CEO of the crypto exchange. Following Zhao’s resignation, Richard Teng was appointed as the new CEO of Binance. Additionally, Binance faced criminal charges for violating U.S. sanctions and money transmitting laws and agreed to pay $4.3 million to settle the allegations.
According to the Bloomberg Billionaires’ Index, Zhao’s estimated net worth is $25.3 billion, making him the wealthiest individual to have ever been incarcerated in the United States.
