Changpeng Zhao, the former CEO of Binance, has been transferred from prison to a halfway house in Long Beach, California. He moved to the Residential Reentry Management office as part of his ongoing sentence.
Crypto Twitter is buzzing with rumors that Zhao has been officially released from custody. Although these rumors are false, federal inmate trackers show Zhao in a halfway house.
Zhao remains in custody despite his move and has not been released. RRM Long Beach is a facility designed to help inmates transition back into society as they near the end of their sentences.
Changpeng Zhao’s sentencing
Zhao began his sentence in late May for violating U.S. anti-money laundering laws. He is scheduled for release on September 29.
He pleaded guilty to violating U.S. anti-money laundering laws and stepped down as Binance’s CEO. Binance was fined $4.3 billion, and Zhao agreed to pay a $50 million fine.
Zhao remains under strict supervision and is still completing his sentence. This development comes as Zhao faces a new lawsuit filed by crypto traders accusing Binance of enabling money laundering through insufficient regulatory practices.
One of the wealthiest figures in crypto, Zhao is also barred from managing Binance for three years following a settlement with the U.S. government.
