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Binance Founder CZ Set for Early Release After Serving 119 Days, Leaves with $60 Billion Fortune

Sep 27, 2024, 02:41 AM

Binance founder and former CEO Changpeng 'CZ' Zhao is set to be released from Long Beach Residential Reentry Management today, two days earlier than his scheduled release date. Zhao was sentenced to four months in prison for failing to implement an adequate know-your-customer (KYC) program at Binance, violating the US Bank Secrecy Act. He has served 119 days in prison. His early release is due to a weekend policy that allows prisoners to leave early if their release date falls on a weekend. Binance remains stable despite Zhao's absence, and he is expected to reunite with his family soon. Zhao leaves prison with his $60 billion fortune.