Binance founder Changpeng ‘CZ’ Zhao’s release date could be fast-tracked by a couple of days to Friday, September 27.
Background
- CZ’s actual release date was scheduled for September 29, Sunday
- He pleaded guilty to violating the Bank Secrecy Act by failing to set up an adequate KYC program at Binance
- According to the Math, if he’s released today, he would have spent 116 days in prison
- During the initial few months, he was in a low-security prison — Lompoc II — located in California’s central coast
- After that, he was shifted to a halfway house in San Pedro last month
Why should you pay attention?
- According to the US Department of Justice's Federal Bureau of Prisons rule, inmates whose release date falls on a Saturday, Sunday, or legal holiday can be released on the last preceding weekday
- However, this rule is not adhered to if the inmate is required to be held for another authority that wants custody
- Since there isn’t any official announcement about this yet, the choice likely hinges on the discretionary power granted to wardens
Who said what?
- Commenting on the development, Binance representatives said,
"Since last year, Binance has continued to thrive under the leadership of our current team, surpassing 230 million users globally”
- They added,
"We are delighted that CZ will be home with his family. While he is not managing or operating Binance, we are excited to see what he does next"
In other related news
- The US Congress Foreign Affairs Committee agreed to a resolution related to Binance executive Tigran Gambaryan’s imprisonment in Nigeria
- They seek to urge the government of Nigeria to “immediately release” him
- They parallelly want the US government to formally declare him a “citizen wrongfully detained by a foreign government”
- The resolution will now be sent to the House of Representatives
- He has been detained for allegedly committing financial crimes summing up to $34 million and faces charges revolving around money laundering, currency speculation, and tax evasion
