The former richest Chinese man will be released from prison on September 29! The US Securities and Exchange Commission lawsuit has seen "significant changes"...

FX168 Financial News Agency (Asia Pacific) reported that the former richest Chinese and founder of Binance, Zhao Changpeng (CZ), will be released from prison on September 29. He has reached a plea settlement with the U.S. Department of Justice, but the lawsuit with the U.S. Securities and Exchange Commission (SEC) is still ongoing. The case has undergone major changes recently. 10 lawyers resigned from their positions and no longer serve as Zhao Changpeng's lawyers. The judge authorized lawyer Emily Kapur to appear in court on behalf of Zhao Changpeng.

CoinGape reported that the U.S. Securities and Exchange Commission's lawsuit against Binance, Binance.US and co-founder Zhao Changpeng is witnessing key progress. The move comes as Zhao Changpeng is about to be released. He has been transferred from prison to a halfway house in California.

Source: CoinGape

The latest developments show that Binance has submitted multiple documents related to co-founder Zhao Changpeng. This has sparked speculation as to whether this is related to Zhao Changpeng's release.

The market generally expects Zhao Changpeng to be released from prison on September 29, as the court sentenced him to four months in prison after he pleaded guilty to violating anti-money laundering laws and agreed to resign as CEO.

Judge Amy Berman Jackson has ordered that lawyer Kapoor be allowed to appear in court temporarily on behalf of Zhao Changpeng.

It is reported that Kapoor is a partner of Quinn Emanuel Urquhart & Sullivan LLC.

In addition, lawyers such as Abid Riaz Qureshi, Benjamin Naftalis, and Heather A. Waller have submitted their resignations and no longer serve as Zhao Changpeng's lawyers. It is worth noting that 10 lawyers have applied to resign as lawyers, which indicates that Binance's lawsuit with the US Securities and Exchange Commission has undergone major changes.

"The withdrawal of the case will not unduly delay the unscheduled trial, and no party will be unfairly prejudiced by the withdrawal, nor will it be contrary to the interests of justice," the document reads.

The report pointed out that against the backdrop of major political shifts caused by the US election, the cryptocurrency industry is optimistic about positive developments such as regulatory clarity and mainstream adoption. There is also speculation that the charges against Zhao Changpeng may be dropped like those against Ripple executives.

The cryptocurrency community is awaiting the release of former Binance CEO Changpeng Zhao, who has likely been transferred from prison to the RRM Long Beach halfway house in California. Zhao plans to start his new education company, Giggle Academy.

However, the district judge in the Binance vs. SEC lawsuit ordered that the lawsuit against defendant Zhao Changpeng for alleged violations of the Exchange Act as the controller of Binance and BAM Trading (Binance.US) continue.

It is worth noting that Zhao Changpeng's original expected release date was August 30.

Now, unless his situation changes, the release date will not be so soon.

Wu Blockchain cited the Protos article saying that unless Zhao Changpeng's current situation changes significantly, he will walk out of the FCI Lompoc II low-security prison in Seattle, one month later than originally planned, on September 29.