Binance co-founder Changpeng Zhao to be released from US custody on Sept. 29
Changpeng Zhao, co-founder of Binance, will be released from US custody on September 29 after serving a four-month sentence. He was transferred to the Long Beach Residential Reentry Management facility. Zhao and Binance pleaded guilty to violating US federal laws, including failing to implement an effective anti-money laundering program. Binance was fined $4.3 billion, while Zhao agreed to pay $50 million and stepped down as CEO, retaining 90% ownership. Binance faces ongoing legal challenges, with the SEC filing an amended complaint in July, alleging violations of federal securities law and asserting that Binance promotes digital assets as securities. The SEC claims Binance's token, BNB, was sold as a security, despite a previous court ruling dismissing related charges.
