Binance Founder Changpeng Zhao Could Get Early Prison Release
After he pleaded guilty to anti-money laundering violations late last year, Binance founder Changpeng Zhao could get an early prison release. Indeed, a Federal Bureau of Prisons rule could have the cryptocurrency exchange’s former CEO could be eligible for release on Friday. That would be instead of his planned release on September 29th.
Zhao, known by many as CZ, served four months for his role in the exchange’s various legal violations. Moreover, the United States Department of Justice also hit the exchange with a $4 billion financial penalty for their activity. Although he is barred from taking a position with the platform, the crypto market is still anxiously awaiting the release of Zhao.
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Binance Founder to Be Released Two Days Early?
There are few individuals that held as important a status within the crypto sector as Changpeng Zhao did. He was, at one time, a key figure within the sector. Yet, the result of a years-long investigation had the former executive currently serving time behind bars.
Indeed, the US DOJ charged Binacne with violating anti-money laundering, unlicensed money transmitting, and sanctions violations in November of last year. The exchange and its former head pleaded guilty to the charges. As a result, Zhao served a four-month prison sentence, far shorter than the prosecution hoped.
Also Read: Changpeng Zhao Binance Exit Revealed to be a Lifetime Ban
Yet, a new rule shows that Binance founder Changpeng Zhao could be eligible to be released from prison early. Specifically, Zhao could be set for release early by two days. According to a DOJ rule which denotes the protocol for those who are scheduled to be released on a weekend.
“The Bureau of Prisons may release an inmate whose release date falls on a Saturday Sunday, or legal holiday, on that preceding weekday unless it is necessary to detain the inmate for another jurisdiction seeking custody under a detainer, or for any other reason which might indicate that the inmate should not be released until the inmate’s scheduled release date,” the law states.
This has many predicted Zhao to be freed on Friday. However, that is obviously up to the warden’s discretion. If he were sent home today, he would have spent just 116 days in California Lompoc II prison. That sentence is far from the three years prosecutors sought.