Zhao may have been released earlier than expected, as his scheduled release date coincided with a weekend, which often leads to early releases.
According to Bloomberg, Changpeng Zhao was freed on September 27, as per information from undisclosed sources. However, U.S. officials did not confirm specific details, and Zhao has refrained from engaging with the media.
Following his release, Zhao made his first post on X (formerly Twitter) since May, signaling his return to public life.
The cryptocurrency market reacted positively to the news, with Bitcoin rising to $66,500—the highest level it had reached since late July.
Zhao had been imprisoned since early June, following charges of negligence in his role at Binance, which contributed to money laundering on the platform. As part of a settlement with the U.S. Department of Justice, Zhao agreed to step down as CEO, pay a $50 million fine, and was barred from any managerial position at Binance for three years. Binance itself paid a hefty fine of $4.3 billion as part of the deal.
Initially, Zhao was held at a detention center in Long Beach, California. By late August, he was moved to a reintegration facility to prepare for his release. Reports suggest that Zhao’s time there was relatively comfortable, with privileges such as “short excursions” and movie-watching.
Zhao’s inmate record indicated a planned release on September 29. However, due to the weekend date, it was speculated that he could be freed earlier, which indeed happened on September 27.
Zhao’s legal team has confirmed that he has no immediate plans to speak to the media and has not disclosed his future plans.
Despite the silence, sources speculate that Zhao will soon return to Dubai, where his family resides. His family played a significant role during his trial, submitting letters of clemency and testifying about his character.
Before his sentencing in March 2024, Zhao had been involved in a project focused on children’s education, named Giggle Academy.
Even though his next steps remain uncertain, Zhao's wealth provides him with numerous opportunities. As part of the settlement, he retains his stake in Binance—reportedly up to 90% ownership. Forbes estimates Zhao’s net worth at around $61 billion, placing him among the world’s wealthiest individuals.
A Binance representative expressed happiness at Zhao’s upcoming family reunion, although they noted that he no longer has any involvement in the company’s management. Since Zhao’s departure, Binance has continued to grow, with a user base now exceeding 229 million worldwide.
However, in a recent interview, Binance’s current CEO, Richard Teng, emphasized that Zhao would never return to Binance’s leadership. It remains unclear whether this decision stems from U.S. regulatory conditions or Binance's own policies.
Nevertheless, Zhao’s release has been eagerly awaited by many in the cryptocurrency community, with some referring to it as a “bullish unlock” moment.
