Binance Founder CZ to Return to $60B Net Worth After Release

Binance co-founder and former CEO Changpeng “CZ” Zhao could be freed today, September 27. He was initially scheduled to be released on Sunday, September 29, which falls into the weekend. News outlet Fortune revealed that when inmates’ release date falls into the weekend, they are usually released on the day that precedes the weekend—in this case, Friday, September 27.

According to the US Department of Justice’s Federal Bureau of Prisons, the Bureau of Prisons may release an “inmate whose release date falls on a Saturday, Sunday, or legal holiday, on the last 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.”

CZ was moved to Residential Reentry Management (RRM) in Long Beach in August after spending three months at Federal Correctional Institution Lompoc II prison in California. This move was in preparation for his release this month.

CZ’s Legal Woes

CZ started serving his four-month jail term in May after a Judge found him guilty of violating the United States anti-money laundering laws. Federal prosecutors found that the Binance co-founder, on his part, failed to prevent money laundering on the Binance, allowing money to flow to terrorists, cybercriminals, and child abusers. Aside from his jail term, he stepped down as the company’s CEO and was ordered to pay the US government a $50 million fine.

Reports earlier this month revealed that he received a lifetime ban from managing or operating the exchange — as opposed to an initial three-year ban. He remains the company’s largest shareholder.

What’s Next for CZ?

CZ stated that after serving his four-month sentence, he will focus on emerging fields such as blockchain, artificial intelligence (AI), and biotechnology.

BNB jumped 3% to $608.47 following news of CZ’s release. Analysts predict the digital asset could post more gains upon CZ’s release.