Ex-Binance CEO CZ to Leave Prison Two Days Ahead of Official Release Date

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Sujha Sundararajan

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Last updated:

September 27, 2024 08:57 EDT

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“CZ” Changpeng Zhao, the former disgraced CEO of the Binance crypto exchange, is reportedly leaving the prison on Friday, two days in advance of the original release.

CZ’s release date has been moved from Sunday, September 29, to Friday, September 27, per a Fortune report. The release was moved up because prisons don’t free inmates on weekends, per a rule under the US Code Title 18.

“If the date for a prisoner’s release falls on a Saturday, a Sunday, or a legal holiday at the place of confinement, the prisoner may be released by the Bureau on the last preceding weekday,” the law read.

CZ, who spent his initial couple of months of charges at a California desert prison, later moved to a halfway house in Long Beach.

In May, a Seattle court ordered CZ to serve a four-month jail sentence. The charges followed his guilty plea to money laundering violations last year.

Prison officials report that after moving to a halfway house in Long Beach, he received supervised excursions and even went to the movies.

With his release, Zhao will likely get a chauffeured car and be taken to a private jet in Long Beach or Los Angeles. A Binance spokesperson noted that he might also visit Dubai or Paris to meet his family.

CZ’s counsel told Fortune that he does not intend to be interviewed on the day of his release. He has served 116 days in prison if he were to be freed on Friday.

Would CZ Plan a Comeback?

Zhao would face a complex landscape upon his release, mainly because the crypto industry is under intense regulatory scrutiny. Additionally, Binance itself continues to grapple with legal challenges.

Before his jail term, he spent the past five months traveling across the US, networking with other entrepreneurs. Per a report from the New York Times, he even chatted about potential start-up plans with OpenAI’s CEO Sam Altman.

CZ has been laying the ground for his future after his release. In March, Zhao announced his next project – Giggle Academy – a new online educational project, which isn’t related to crypto.

He also previously expressed interest in investing in artificial intelligence and biotechnology, and has corresponded with other executives, NYT reported.