Changpeng Zhao, the former CEO of Binance, has been transferred from prison to a half-house at the Office of Residential Reintegration Administration in Long Beach, California.
Encrypted Twitter accounts are filled with rumors and speculation about Zhao’s official release from all detention. Although recent federal prisoner tracking is false, It has been updated. To show that Chao is in a halfway house.
Chau remains in custody despite his transfer 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.
Changping Zhao’s verdict
Zhao, who began serving his sentence in late May for violating U.S. anti-money laundering laws, is scheduled to be released on Sept. 29.
Zhao pleaded guilty to violating U.S. anti-money laundering laws. Zhao resigned as CEO of Binance. As part of the legal settlement, Binance was also fined $4.3 billion, with Zhao personally agreeing to pay a $50 million fine.
Zhao remains under strict supervision and is still completing his sentence. The development comes as Zhao faces a new lawsuit filed by crypto traders who accuse Binance of enabling money laundering through inadequate regulatory practices.
Zhao, one of the richest figures in crypto, was also banned from running Binance for three years after reaching a settlement with the US government.
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