Former Binance CEO Changpeng “CZ” Zhao Transferred to Halfway House Ahead of Release
Changpeng “CZ” Zhao, the former CEO of Binance, has been transferred to a halfway house 38 days before his expected release on September 29. Zhao, who was previously held at the Federal Correctional Institution in Lompoc, California, has been moved to the Residential Reentry Management (RRM) Long Beach field office as of August 22.
The RRM Long Beach facility serves as a transitional housing unit for inmates approaching release, providing a less restrictive environment than a traditional prison setting. Zhao began his prison sentence on May 31 after being sentenced to four months for charges related to money laundering at Binance.
In November 2023, Zhao stepped down as Binance’s CEO after pleading guilty to a felony charge as part of a settlement with the US Department of Justice. Binance also agreed to pay $4.3 billion, and Zhao accepted a lifetime ban from serving in any executive position within the crypto industry.
The transfer to the RRM Long Beach facility marks a new phase in Zhao’s legal journey, with his release just a few weeks away. In other news, Michelle Bond, partner of former FTX executive Ryan Salame, was charged with violating US campaign finance laws during her congressional run.
Stay tuned for more updates on Changpeng Zhao’s release and other developments in the crypto industry. Subscribe to stay informed about the latest crypto news and trends.
