According to CNBC, Binance founder Changpeng Zhao (CZ) has reported to a low-security federal prison in Lompoc, California, to begin his four-month sentence.
Changpeng Zhao reports to federal prison to begin his four-month sentence
Last November, former Binance CEO Changpeng Zhao (CZ) reached an agreement with the U.S. government, ending a U.S. government investigation into the world’s largest cryptocurrency exchange. As part of the settlement, CZ resigned as CEO of the company and Binance paid a sky-high $4.3 billion fine. And CZ was sentenced to four months in prison in April, far less than the three years prosecutors had advocated, after pleading guilty to charges of money laundering at his cryptocurrency exchange.
During the court battle at the end of April, the judge said that there were numerous letters of submission that showed a person driven by motivation, passion, and motivation, risking all his assets to make Binance successful. He believes that after this difficult lesson, CZ has the ability and willingness to change his ways. CZ was therefore sentenced to only four months in prison.
(CZ Court Live Update: Judge sentences four months in prison)
CNBC reached out to the defense team at law firm Latham & Watkins to confirm that CZ is in custody.
In four months, CZ will start a new chapter in his life
Changpeng Zhao was subject to travel restrictions for many months before he was sentenced. In March, he decided to launch Giggle Academy, which provides free online courses for students in grades 1 to 12. Changpeng Zhao said this was the most influential thing he could do for the next chapter of his life. .
Later, Zhao Changpeng also publicly issued a letter of apology, stating that he would bear all responsibilities.
Because I want to resolve this issue in front of a court and start over. I wanted to right my wrongs, turn the page, and start the next chapter of my life.
CZ noted in the letter that he later hopes to fund small research labs and use blockchain technology to provide medical services to billions of people around the world. We will also continue to invest time and energy in helping young people and improving education and the living standards of disadvantaged youth.
(Full text of Zhao Changpeng’s apology letter: Take all responsibilities and spend the rest of your life proudly)
We also look forward to seeing CZ officially get rid of the haze of the past and start a new chapter in life in four months.
This article Binance founder Changpeng Zhao (CZ) has reported to federal prison to begin a four-month sentence originally appeared on Chain News ABMedia.
