Former Binance CEO Changpen Zhao is nearing the end of his four-month prison sentence, with his release scheduled for September 29, according to the US Federal Bureau of Prisons.
He served his sentence in a low-security prison in Santa Barbara County after surrendering in May 2024, following his sentencing in April.
The 47-year-old Zhao pleaded guilty to charges related to enabling money laundering on his cryptocurrency exchange Binance, which also led to his resignation as CEO.
Federal prosecutors initially recommended a three-year prison sentence, while sentencing guidelines suggested 12 to 18 months. Zhao’s defense team asked for five months’ probation. But the judge chose the softer sentence of four months.
After spending time in federal prison in Lompoc, California, Jabo was moved to a transitional housing house, a facility designed to help people reintegrate into society by providing a variety of support services. His release will mark the end of a tumultuous chapter in his career and in Binance’s operations.
Ric Edelman, one of the most influential voices in personal finance, has radically revised his stance on crypto allocation. After years of cautious optimism, he now believes that digital assets deserve a far larger share in investment portfolios than ever before.
In the case involving Terraform Labs and its co-founder Do Hyeong Kwon, the defense has asked the Federal Court for the Southern District of New York to extend the deadline for pretrial filings by two weeks, pushing it beyond the original date of July 1, 2025.
Coinbase has emerged as the best-performing stock in the S&P 500 for June, climbing 43% amid a surge of bullish momentum driven by regulatory clarity, product innovation, and deeper institutional interest in crypto.
Coinbase CEO Brian Armstrong has spotlighted a significant acceleration in institutional crypto adoption, driven largely by the surging popularity of exchange-traded funds and increased use of Coinbase Prime among major corporations.