Why CZ, Former Binance CEO Sentenced to Four Months in Prison, Still Hasn’t Been Jailed? Here’s Why and What Will Happen

Although Changpeng Zhao, the former CEO of cryptocurrency exchange Binance, was sentenced to four months in prison, he is not yet in prison due to formalities in the criminal justice system, a world-class team of lawyers, and the right to a fair trial protections in the Fifth Amendment of the US Constitution.

According to the judge's signed decision, Zhao “was to surrender to serve his sentence as notified by the Probation and Pretrial Services Office.” However, these offices have not yet notified Zhao that he must report to prison in California.

According to Federal Law 18, a criminal's sentence begins when that person is 'detained or voluntarily surrendered while awaiting transfer to an official detention facility where the sentence will be carried out.' Although this sentence can begin immediately on the day of sentencing, there are three possibilities for delay.

A judge may first force the defendant to surrender to the U.S. Marshals Department, which may then escort the defendant or physically notify him when to report to prison.

The judge may authorize the Office of Probation and Pretrial Services to notify the defendant of the prison entry date.

The judge may allow the defendant to go to prison voluntarily. Judges generally reserve this option for defendants who receive the shortest sentences or are least likely to escape.

Zhao made the second type of decision. Authorities did not immediately detain Zhao because he was not sentenced to a multi-year prison sentence. Instead, the judge gave Zhao the second-most lenient method. He is awaiting notification by the Office of Parole or Pretrial Services.

*This is not investment advice.

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