CZ Set to Be Released From Prison on September 29

According to the U.S. Bureau of Prisons website, Zhao – also known as inmate 88087-510 –

On September 29, he is due for release from custody, marking 118 days since his admission to the low-security prison, Lompoc II, on the central coast of California. After spending three months at Lompoc II, he was transferred to a halfway house in San Pedro, California around late August.

In April, Zhao was given a four-month prison sentence. This came five months after he admitted guilt for breaching the Bank Secrecy Act by neglecting to establish a proper Know-Your-Customer (KYC) system at Binance. As part of his guilty plea, Zhao also consented to pay a fine of $50 million and relinquish his position as CEO of the cryptocurrency exchange.

Following Zhao’s resignation, Richard Teng, a previous regulator in Abu Dhabi and Singapore, took over as CEO of Binance. Besides the accusations against Zhao, Binance was also faced with criminal charges for breaching U.S. sanctions and regulations regarding money transmission. As a resolution to these allegations, Binance agreed to pay a fine of $4.3 million.

According to the Bloomberg Billionaires’ Index, it’s thought that Zhao is the wealthiest individual ever to serve time in a U.S. prison, with an estimated net worth of $25.3 billion.