Changpeng Zhao moved to custody of field office ahead of Sept release

Turner Wright4 hours agoChangpeng Zhao moved to custody of field office ahead of Sept releaseAs of Aug. 22, the US Federal Bureau of Prisons listed the former Binance CEO as an inmate of the Residential Reentry Management Long Beach field office.877 Total views2 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTCOINTELEGRAPH IN YOUR SOCIAL FEEDFollow ourSubscribe onChangpeng “CZ” Zhao still has 38 days before his expected release from custody, but records show authorities have transferred the former Binance CEO to an administrative facility in the Greater Los Angeles area.

According to records with the United States Federal Bureau of Prisons (BOP), as of Aug. 22, Zhao was listed as an inmate of the Residential Reentry Management (RRM) Long Beach field office, which helps place federal offenders. Until recently, the former Binance CEO was in the Federal Correctional Institution Lompoc in central California.

It’s unclear why Zhao was transferred ahead of his release date, scheduled for Sept. 29. In April, a federal judge sentenced the former Binance CEO to four months in prison after he pleaded guilty to failing to maintain an effective Anti-Money Laundering program while leading the crypto exchange. He reported to prison on May 31.

Related:Binance founder CZ receives support from crypto community as jail term starts

The BOP website stated that RRM Long Beach was “an administrative office providing oversight to halfway houses located in central California and southern California.” The move could suggest that authorities were preparing to transfer Zhao to a residential facility instead of back to Lompoc or another prison.From CEO to inmate 88087-510

In November 2023, Zhao resigned as Binance CEO and pleaded guilty to one felony charge as part of a settlement with US authorities. The exchange agreed to pay $4.3 billion for “civil regulatory enforcement actions,” and CZ is barred from serving as an executive at any crypto firm in the future.

Zhao, active on social media before surrendering to prison officials, has not tweeted since May. Before reporting to Lompoc, he suggested he would work on a writing project while behind bars. The former CEO had a reported net worth in the billions, making him one of the wealthiest individuals to ever go to prison.

Despite speculation online, there was no evidence to suggest that Zhao was “free” following the transfer. The BOP website listed his release date as Sept. 29.

Magazine:‘Less flashy’ Mashinsky set for less jail time than SBF: Inner City Press, X Hall of Flame# Law# Changpeng Zhao# United States# Crimes# Binance# RegulationAdd reaction