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Binance founder and former CEO Changpeng Zhao (CZ) is set to be released this month, as the 47-year-old crypto executive nears the end of his four-month sentence. CZ reached a deal with the US Department of Justice (DOJ) in late 2023, which initially sought a 36-month sentence. However, the court ultimately imposed a shorter term. Binance Former CEO to Go Free   The official website of the US Federal Bureau of Prisons (BOP) confirms that Binance founder Changpeng Zhao will go free on September 29, less than two weeks away. While many anticipated the release date, the BOP provided confirmation only today. CZ began serving his prison sentence in July at the Federal Correctional Institution in Lompoc, California. While federal prosecutors initially pushed for a three-year sentence, Zhao ultimately received a shorter term. The defense had sought five months of probation, while sentencing guidelines suggested 12 to 18 months in prison. Alongside the prison sentence, CZ agreed to pay a $50 million fine, a modest amount given his estimated net worth. Read more: Who Is Changpeng Zhao? A Deep Dive Into the Ex-CEO of Binance Binance Founder CZ Release Date. Source: US Federal Bureau of Prisons It remains unclear what CZ plans to do post-release. He has previously stated that he does not intend to return as CEO, preferring instead to focus on investments in blockchain, AI, and biotech companies. Meanwhile, traders are speculating about the potential impact of the upcoming event on Binance Coin (BNB) and other Binance-related altcoins. Despite stepping down as CEO as part of his plea deal with the US Department of Justice, CZ continues to play a key role at Binance, and his release could influence the markets. Crypto analyst Pepesso has identified several Binance-linked coins that could see a price increase, including BNB, Ethena (ENA),…

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Filed under: News - @ September 16, 2024 4:22 pm