The release date of Binance founder Changpeng Zhao (CZ) has been postponed. Despite the expectation of Binance fans celebrating CZ's release on August 30, a fact check reveals that this is not the case.
On April 30, U.S. District Judge Richard Jones sentenced CZ to four months in a Seattle prison and recommended Seatac, a prison and administrative security federal detention center. But CZ's legal team, consisting of attorneys from prestigious law firms Quinn Emanuel Urquhart & Sullivan, Davis Wright Tremaine and Latham & Watkins, worked diligently to delay his detention.
Contrary to popular belief, CZ did not check into Seatac on the day he was sentenced. CZ, his attorneys, and the parole and pretrial services offices were unable to agree on a late-May entry date until mid-May. As of May 16, CZ had not yet entered the custody of the Bureau of Prisons.
A new check of the Bureau of Prisons database reveals that CZ is not at Seatac. Instead, he is being held at Federal Correctional Institution Lompoc II, a low-security federal prison located three hours north of Los Angeles.
Unless there is a change in CZ's situation, he will not leave FCI Lompoc II on August 30 as originally thought. The current release date is scheduled for September 29.
*This is not investment advice.