CZ is in jail
Binance founder Changpeng Zhao has surrendered to a low-security prison in California.
Binance’s billionaire founder Changpeng Zhao has surrendered to a low-security federal prison in Lompoc, California.
The former CEO of the world’s largest cryptocurrency exchange is now in prison, the defense team at Latham & Watkins has confirmed.
In April, Zhao was sentenced to four months in prison after pleading guilty to charges of assisting the cryptocurrency exchange in money laundering.
The sentence was significantly shorter than the three years initially requested by federal prosecutors.
The defense requested a five-month suspended sentence, while sentencing guidelines recommended a 12- to 18-month prison sentence.
Before his sentencing, Zhao expressed remorse to U.S. District Judge Richard Jones.
"I'm sorry," Zhao Changpeng said, according to Reuters. He also told the court: "I think the first step to taking responsibility is to fully admit mistakes.
I failed to implement an adequate anti-money laundering program here... I now realize the severity of this mistake."