According to CNBC, Binance founder Zhao Changpeng (CZ) has reported to a low-security federal prison in Lompoc, California, to begin his four-month sentence.
Contents
Toggle
Zhao Changpeng reports to federal prison to begin four-month sentence
CZ to embark on a new chapter in life after four months
In November last year, former CEO of Binance Zhao Changpeng (CZ) reached an agreement with the US government, ending the investigation into the world’s largest cryptocurrency exchange. As part of the settlement agreement, CZ stepped down as CEO of the company, and Binance paid a hefty fine of $4.3 billion. CZ, after admitting to the charges of money laundering on his cryptocurrency exchange, was sentenced to four months of imprisonment in April, significantly lower than the prosecutor’s recommended three years.
During the court battle at the end of April, the judge acknowledged numerous letters of support, highlighting the determination and passion that drove a person to take risks with all their assets to make Binance successful. The judge also believed that through this difficult lesson, CZ has the ability and willingness to reform. Therefore, CZ was only sentenced to four months of imprisonment.
Ad – Continue scrolling for more content
(
CZ Court Update: Judge Sentences to Four Months
)
CNBC contacted the defense team at Latham & Watkins law firm to confirm that CZ has been detained.
Before his sentencing, Zhao Changpeng faced travel restrictions for several months. In March, he decided to establish Giggle Academy, offering free online courses for students in grades 1 to 12. Zhao Changpeng referred to this as the most influential thing he could do to start a new chapter in his life.
Subsequently, Zhao Changpeng also publicly released an apology letter, stating that he would take full responsibility. “Because I want to resolve this issue in court and start over. I want to correct my mistakes, turn the page, and open the next chapter of my life.”
In the letter, CZ mentioned that he hopes to fund small research labs and use blockchain technology to provide healthcare services to billions of people worldwide. He will also continue to dedicate his time and energy to helping young people improve their education and the lives of underprivileged youth.
(
Full text of Zhao Changpeng’s Apology Letter: Taking Full Responsibility and Proudly Spending the Rest of My Life
)
We also look forward to seeing CZ officially move past the shadows of the past and embark on a new chapter in life after four months.
Binance
Zhao Changpeng (CZ)
Further reading
$1 Billion Lawsuit Not Over! Legendary Football Star C. Ronaldo Teams Up with Binance to Launch Fourth NFT Series
Seeing the Great Changes Blockchain and Virtual Assets Bring to the Real World through “Digital Donations”