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Ex-Binance CEO Changpeng Zhao Relocated to LA Facility Before Expected Release
Last Updated: August 23, 2024
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Key Takeaways
- Changpeng "CZ" Zhao, ex-Binance CEO, has been transferred to a halfway house 38 days before his scheduled release;
- Zhao was moved from the Federal Correctional Institution in Lompoc to the Residential Reentry Management (RRM) Long Beach facility, where he will serve the remainder of his sentence in a less restrictive environment;
- Zhao began his four-month prison sentence on May 31 for charges related to money laundering at Binance.
Changpeng "CZ" Zhao, the former CEO of Binance, has been transferred to a halfway house 38 days before his expected release on September 29.
Zhao was previously held at the Federal Correctional Institution in Lompoc, California, but as of August 22, records from the US Federal Bureau of Prisons (BOP) show that he has been moved to the Residential Reentry Management (RRM) Long Beach field office.
This facility serves as a transitional housing unit, placing inmates who are approaching release in residential settings. This means that Zhao will serve the rest of his sentence in a less restrictive environment than a prison.
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Zhao began his prison sentence on May 31 after a federal judge sentenced him to four months for charges related to money laundering at Binance.
In November 2023, Zhao stepped down as Binance's CEO after he pleaded guilty to a felony charge as part of a settlement with the US Department of Justice. Additionally, Binance agreed to pay $4.3 billion, and Zhao accepted a lifetime ban from serving in any executive position within the crypto industry.
This transfer to the RRM Long Beach facility marks a new phase in Zhao's legal journey, with his release now just a few weeks away.
In other news, Michelle Bond, partner of former FTX executive Ryan Salame, was charged with violating US campaign finance laws during her congressional run.
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