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Binance Founder CZ Begins Four-Month Sentence as Richest Inmate in U.S.
Changpeng Zhao, commonly known as CZ and founder of Binance, has reported to a low-security facility in California to begin his four-month federal prison sentence. This follows his guilty plea in November 2023 for failing to implement adequate anti-money laundering protocols at Binance, the largest cryptocurrency exchange in the world. Alongside his prison term, Zhao was fined $50 million personally in April.
Binance agreed to pay a staggering $4.3 billion settlement, one of the largest in history, eliciting mixed reactions within the crypto community. According to Sam Mangel, a federal prison consultant, Zhao is expected to serve the full 120 days without benefiting from any earned time credit programs. Despite the discomfort of prison life, Mangel believes Zhao will remain safe and not face extortion or danger.
$BNB #czprison #BinanceSquareFamily
Binance Founder CZ Begins Four-Month Sentence as Richest Inmate in U.S.
Changpeng Zhao, commonly known as CZ and founder of Binance, has reported to a low-security facility in California to begin his four-month federal prison sentence. This follows his guilty plea in November 2023 for failing to implement adequate anti-money laundering protocols at Binance, the largest cryptocurrency exchange in the world. Alongside his prison term, Zhao was fined $50 million personally in April.
Binance agreed to pay a staggering $4.3 billion settlement, one of the largest in history, eliciting mixed reactions within the crypto community. According to Sam Mangel, a federal prison consultant, Zhao is expected to serve the full 120 days without benefiting from any earned time credit programs. Despite the discomfort of prison life, Mangel believes Zhao will remain safe and not face extortion or danger.
$BNB #czprison #BinanceSquareFamily
Crypto giant Binance's founder, Changpeng Zhao (CZ), is now serving a 4-month prison sentence in California. This comes after he pleaded guilty to charges related to allowing money laundering on his exchange.
Prosecutors had initially sought a much harsher sentence of 3 years, but Zhao received leniency due to his admission of guilt. He expressed remorse for failing to implement proper anti-money laundering measures at Binance.
This sentencing is part of a larger settlement Zhao reached with the US government in November 2023. The deal concluded a lengthy investigation into Binance and resulted in Zhao's resignation as CEO. He was also hit with a personal fine of $50 million, on top of the $4.3 billion in fines imposed on Binance itself.
CZ's case isn't an isolated incident. The crypto industry is facing a wave of legal troubles. This is further highlighted by the recent 25-year sentence for Sam Bankman-Fried, founder of the collapsed FTX exchange, who was convicted of fraud.
#BinanceSquareFamily #czprison #prison #changpengzhao $BNB
Prosecutors had initially sought a much harsher sentence of 3 years, but Zhao received leniency due to his admission of guilt. He expressed remorse for failing to implement proper anti-money laundering measures at Binance.
This sentencing is part of a larger settlement Zhao reached with the US government in November 2023. The deal concluded a lengthy investigation into Binance and resulted in Zhao's resignation as CEO. He was also hit with a personal fine of $50 million, on top of the $4.3 billion in fines imposed on Binance itself.
CZ's case isn't an isolated incident. The crypto industry is facing a wave of legal troubles. This is further highlighted by the recent 25-year sentence for Sam Bankman-Fried, founder of the collapsed FTX exchange, who was convicted of fraud.
#BinanceSquareFamily #czprison #prison #changpengzhao $BNB
💸😃😗😳😔
CZ IS SENTENCED TO 4 MONTHS
IN PRISON BY U.S COURT.
#binance #czprison #CZBİNANCE
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CZ IS SENTENCED TO 4 MONTHS
IN PRISON BY U.S COURT.
#binance #czprison #CZBİNANCE
Share with your friends
Hey, #Coretoshis please show your support
@cz_binance is a visionary, not a criminal. CZ doesn't deserve this at all.
He's passionate about crypto's potential to change the world.
#CoretoshisLabs #CZBİNANCE #czprison #Binance
$BNB $ETH $BTC
@cz_binance is a visionary, not a criminal. CZ doesn't deserve this at all.
He's passionate about crypto's potential to change the world.
#CoretoshisLabs #CZBİNANCE #czprison #Binance
$BNB $ETH $BTC
In case you missed it: Binance founder Changpeng “CZ” Zhao has begun serving a four-month sentence in a California federal prison this week. This comes after the world's largest cryptocurrency exchange failed to implement a sufficient know-your-customer program.#czprison #CZBİNANCE #cz #binance
Binance Founder Changpeng Zhao Incarcerated in a Maximum Security Federal Prison in Lompoc, California
Looking forward to coming back soon, CZ
#CZBİNANCE #czprison
Looking forward to coming back soon, CZ
#CZBİNANCE #czprison
Cz
39%
BTC
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BTC Next Move 🔥👇
Already shared complete analysis on our YouTube channel Yesterday and BTC following exactly same pattern.
I share some short entries as well in my last video all are in great profit right now.
Next Btc move will be 57-54500 and then We see some relief rally market remain in Red for next 2 days atleast .
#BTC #bitcoinhalving #cryptocrash #czprison
Already shared complete analysis on our YouTube channel Yesterday and BTC following exactly same pattern.
I share some short entries as well in my last video all are in great profit right now.
Next Btc move will be 57-54500 and then We see some relief rally market remain in Red for next 2 days atleast .
#BTC #bitcoinhalving #cryptocrash #czprison
