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after serving 4 months in prison, former richest chinese man zhao changpeng is about to be released from prison!

according to the official website of the u.s. bureau of prisons, zhao changpeng will be released from the long beach residential reentry management on september 29.

it is said that zhao changpeng's release date had been determined before, but the federal bureau of prisons did not officially confirm it until the morning of september 16. on august 22, zhao changpeng's location on the federal bureau of prisons' official website was updated to long beach rrm in central california. this means that he will be released soon and is undergoing preparation and evaluation before returning to society.

the so-called "residential reintegration administration", also known as the "halfway house", mainly acts as a local liaison between the federal bureau of prisons and the federal courts, the u.s. marshals service, state and local correctional institutions, and signs contracts with federal prisons to provide necessary help and support to prisoners who are about to be released to ensure that they can smoothly transition into social life. this may include providing a safe, organized, and supervised environment, providing employment training, psychological counseling, housing arrangements, financial management and other services.

the federal bureau of prisons website shows that rrm has 22 branches across the united states, managing more than 14,000 federal prisoners. long beach rrm is located at 1299 seaside boulevard in san pedro, california.

in april 2024, u.s. district judge richard jones in seattle sentenced zhao changpeng to four months in prison for failing to implement effective anti-money laundering measures, which allowed binance to become a viable platform for cybercrime and terrorist activities. the sentence was much lower than the three-year prison sentence recommended by prosecutors.

the ruling is related to the u.s. department of justice’s investigation into zhao changpeng and binance, which accused zhao of engaging in unlicensed money services, money laundering, sanctions violations, and financing terrorist organizations.

in november 2023, zhao changpeng paid a $50 million fine and resigned as binance ceo, ending the years-long investigation. at the same time, the exchange was fined $4.3 billion.

previously, zhao changpeng had served four months in the federal correctional institution lompoc in california, a low-security institution where some inmates had the opportunity to work on an adjacent farm growing produce, suggesting that his crime may have been relatively minor or that he had behaved well during his sentence.

by comparison, earlier this year former ftx ceo sam bankman-fried was sentenced to 25 years in prison, a relatively long sentence. sbf is currently being held in new york.

despite facing a massive $4.3 billion fine, zhao changpeng still ranks on forbes’ list of the richest cryptocurrency billionaires. as of april 2024, he has amassed a fortune of over $33 billion from binance and is the richest person serving time in a u.s. federal prison.

public information shows that binance is a global cryptocurrency exchange that provides trading platforms for more than 100 cryptocurrencies. the name of binance is based on the initials of binary and finance, and it provides transactions for more than 150 cryptocurrencies, including bitcoin, ethereum, litecoin and its bnb token.

zhao changpeng, the founder of binance, was born in lianyungang, jiangsu in 1977 and moved to canada in 1989. with his computer talent, he worked in the tokyo stock exchange and the bloomberg exchange in the united states to develop trading software. in 2005, he came to shanghai to start a business and came into contact with cryptocurrency. in 2017, zhao changpeng founded binance. just six months later, in april 2018, binance's 1.4 million transactions per second attracted 6 million users, making it the world's largest cryptocurrency exchange.

at the end of 2021, against the backdrop of a surge in many cryptocurrencies such as bitcoin, zhao changpeng was crowned the richest chinese with a net worth of us$94.1 billion (approximately rmb 634.8 billion). he also ranked among the top ten richest people in the world and became famous around the world.