Binance Founder Changpeng Zhao Transferred to Long Beach Facility 38 Days Before Scheduled Release

On Thursday, the crypto community on social media site X (formerly Twitter) speculated that Binance co-founder and former CEO Changpeng Zhao

Binance co-founder and former CEO Changpeng Zhao, better known as CZ, has been shifted to an administrative facility in the Greater Los Angeles area, 38 days before his scheduled release from custody.

This contradicts rumors circulating on social media that CZ was released from prison a month early.

According to the US Federal Bureau of Prisons, CZ is now classified as an inmate under the Residential Reentry Management Long Beach field office, which oversees federal offenders in central and southern California.

CZ pleaded guilty in November to violating the Bank Secrecy Act, and a federal judge sentenced him to a term shorter than prosecutors sought but longer than penalties imposed on other cryptocurrency executives for similar offenses.

Currently serving his sentence in Lompoc II, a low-security federal prison in Santa Barbara County, California, CZ's circumstances differ greatly from those of former FTX CEO Sam Bankman-Fried, who is serving a 25-year sentence in New York's Metropolitan Detention Center.

CZ stepped down as Binance CEO last November and admitted to a felony charge as part of a settlement with US authorities.

The agreement included a $4.3 billion civil regulatory penalty for Binance and a prohibition preventing CZ from holding executive roles in any cryptocurrency company in the future.

Before entering prison, CZ planned to use his time for a writing project.

Despite online speculation, there is no evidence to suggest that CZ was at liberty post-transfer, as the BOP website still shows his release date as September 29.

With a reported net worth of $36.5 billion, according to Bloomberg, CZ's imprisonment makes him potentially the wealthiest individual ever detained in the United States.

At the time of writing, the exchange's native token, Binance Coin, trades at $585 for the first time in nearly a month, following a market crash on August 5 that saw the token hit a six-month low of $400.

CZ is set to be released from custody on September 29, having served his full four-month sentence for violating the Bank Secrecy Act.

While rumors on social media suggested he was released early, the BOP website and other recent reports indicate that CZ was, in fact, transferred to an administrative facility in the Greater Los Angeles area 38 days before his scheduled release.

This story initially stated that CZ was released from prison early, based on rumors circulating on social media. However, further investigation and recent reports revealed that CZ was not released early and was, instead, shifted to an administrative facility in Greater Los Angeles before his scheduled release from custody. The story has been updated to reflect this new information.

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