#Binance The founder and former CEO of Binance, Changpeng Zhao (CZ), began serving his prison sentence in a facility located in California, where he will spend about four months detained due to the charges against him.

Zhao begins his sentence in a US prison

According to a report published by CoinDesk, Zhao reported to the Lompoc II federal prison in California, USA, a low-security prison located in Santa Barbara County, which has a prison population of more than 2,100 inmates.

Unlike other penitentiary centers, the conditions of Lompoc II allow inmates to carry out agriculture, livestock and horse breeding activities, making it one of the friendliest institutions to serve sentences.



Let's keep in mind that Zhao accepted a plea deal with US authorities, this after it was determined that Binance failed to comply with laws against money laundering and the financing of terrorist acts under its management, this by not properly applying the KYC processes (know your client). ) to avoid such irregularities.

In addition to the sentence, Zhao was also fined $50 million, and agreed to step down from both his role as CEO of Binance and his position on the company's board of directors.

Zhao's plans

Although Zhao will spend the next four months in the penitentiary center, the tycoon plans to take advantage of this time to rest, meditate and explore other possibilities.

In his farewell letter after leaving Binance, he wrote:

“Binance will be fine. I will have to deal with some pain, but I will survive. We will move forward, although with some changes in the structure. It may not be a bad thing when we look back in a few years. Anyway, I needed a break. And now I have it."

Currently, Binance is now under the leadership of Richard Teng, who continues Zhao's work and drives new ideas to strengthen expansion.