Binance co-founder and former CEO Changpeng Zhao (CZ) has been released two days earlier than the end of his detention period, according to Bloomberg.
The entrepreneur served a four-month prison sentence on charges of money laundering and other illegal activities. As part of an agreement with the US Department of Justice, he agreed to pay a $50 million fine and step down as CEO of the exchange.
The court sentenced him on April 30. He was expected to be released on September 29.
Data from the Federal Bureau of Prisons confirms the date, and at the time of writing, CZ is listed at the Long Beach reentry residential center in Los Angeles. Such facilities, known as “halfway houses,” provide a less restrictive environment to help inmates prepare for reintegration into society.
“For privacy and security reasons, we do not discuss inmate conditions, reasons for transfer, or specific release plans,” a spokesperson for the agency told The Block.
The spokesperson confirmed that an inmate may be released earlier if the release date falls on “a Saturday, Sunday, or official holiday.”
In early September, Binance permanently barred Zhao from management. However, the current CEO of the exchange, Richard Teng, noted that CZ remains the largest shareholder. According to Bloomberg, his stake in the company reaches 90%.
The court continues to review the US Securities and Exchange Commission’s claims against Binance. In August, the exchange also faced another class action lawsuit from investors.