Binance founder, aged 42, will be wealthiest prisoner in history of US penitentiary system
Binance's billionaire founder Changpeng Zhao, commonly known as CZ, has begun serving a four-month sentence in a low-security federal prison in Lompoc, California, following his guilty plea to charges of enabling money laundering at his crypto exchange.The sentence is notably shorter than the three years federal prosecutors sought, as the defense had requested probation. Sentencing guidelines recommended 12 to 18 months.Binance agreed to a $4.
During the sentencing in Seattle, Judge Richard Jones disagreed with the DOJ's request for a three-year sentence, citing a lack of evidence that Zhao was aware of the illegal activities at Binance.Expressing remorse, Zhao told the court that he takes full responsibility for his mistakes. In his own words, CZ “failed to implement an adequate anti-money laundering program.”
I would like to thank everyone for your care and support, be it writing letters, showing support on X, or in any other form. They all mean a lot to me and keep me strong. I will do my time, conclude this phase and focus on the next chapter of my life .In the beginning of May, Zhao returned to X to express his gratitude for the support he gained from the community. After serving the sentence, CZ plans to move on from crypto business and focus on educational projects, he noted.
In November, Zhao reached a settlement with the U.S. government to end a multiyear investigation into Binance. As part of the deal, Zhao stepped down as CEO of the world’s largest cryptocurrency exchange.Dan is a news editor and writer with 12 years of experience in finance and emerging technologies, with a strong focus on crypto.
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