⚠️⚠️ BREAKING
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.
