Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • HACKING
  • SLOT
  • CASINO
  • SUBMIT
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • HACKING
  • SLOT
  • CASINO
  • SUBMIT
Crypto Flexs
Home»BITCOIN NEWS»Binance founder Changpeng Zhao begins four-month sentence in low-security California prison
BITCOIN NEWS

Binance founder Changpeng Zhao begins four-month sentence in low-security California prison

By Crypto FlexsJune 4, 20242 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Binance founder Changpeng Zhao begins four-month sentence in low-security California prison
Share
Facebook Twitter LinkedIn Pinterest Email

join us telegram A channel to stay up to date on breaking news coverage

Binance founder Changpeng Zhao will report to a low-security federal prison in Southern California to begin serving a four-month sentence.

Latest: Former Binance CEO Changpeng Zhao sentenced to 4 months in prison. pic.twitter.com/i1gdlcTWzs

— Bitcoin Magazine (@BitcoinMagazine) April 30, 2024

The former Binance CEO is now the richest person behind bars in the United States. Last April, Forbes named Zhao the richest person in the cryptocurrency industry with a fortune of $33 billion.

Binance founder CZ to serve time in low-security prison

Zhao reported to Lompac II Prison in Southern California, where he will serve his sentence as inmate 88087-510. There are 2,160 inmates in this prison.

Zhao is not the only influential figure to have served time in prison. Also housed there was Reed Slatkin, accused of masterminding one of the largest Ponzi schemes.

Low-security prisons tend to have better conditions than high-security prisons. At Lompac II, inmates can work on a nearby farm, raising animals and growing produce.

Conditions at the Lompoc II facility stand in stark contrast to the New York prison where FTX co-founder Sam Bankman-Fried is serving a 25-year sentence.

Zhao pleaded guilty to failing to implement an anti-money laundering system at Binance. He was sentenced to a $50 million fine and four months in prison.

The prosecution initially requested 36 months in prison, and Attorney Zhao requested 5 months of probation.

CZ is turning over a new leaf

Shortly before sentencing, Zhao wrote a letter to Judge Richard Jones, apologizing for failing to implement appropriate compliance measures at Binance.

In the letter, Zhao noted that he does not want the charges against Binance to be left unresolved and would rather have them resolved in court and start over.

“I wanted to right my wrongs, turn the page, and start the next chapter of my life,” Zhao said.

It is unclear whether Zhao will resume his role with Binance and the cryptocurrency industry, but he has expressed interest in focusing on educational programs and blockchain adoption.

Also read:

PlayDoge (PLAY) – Latest ICO on BNB Chain

playdoji
  • 2D Virtual Doji Pet
  • Play to earn Meme Coin Fusion
  • Staking and in-game token rewards
  • SolidProof Thanks – playdoge.io

playdojiplaydoji


join us telegram A channel to stay up to date on breaking news coverage

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Cardano is 4% away, saying that Hoskinson will break the Internet.

September 21, 2025

France can break the EU password market with ‘atomic weapons’.

September 15, 2025

Expect what XRP ETF is approved by the SEC

September 9, 2025
Add A Comment

Comments are closed.

Recent Posts

How to solve the XPL perp defect

September 26, 2025

Detect the full execution bug with the induction pursing of Wake

September 25, 2025

KuCoin Appeals FINTRAC Decision, Reaffirms Commitment To Compliance

September 25, 2025

Phemex Revamps Blog To Deliver Deeper Insights And Enhanced Reader Experience

September 25, 2025

T-REX Launches Intelligence Layer To Fix Web3’s Value Distribution Problem

September 25, 2025

Are you doing a fair deal?

September 25, 2025

The method of transforming ASTER WHALES into panic is as follows.

September 25, 2025

Hyperliquid launches USDH Stablecoin issued by Native Markets

September 25, 2025

Hyperliquid’s USDH Stablecoin is broadcast live at an early transaction volume of $ 2M or more.

September 24, 2025

One All-Powerful Asset Across Two Ecosystems

September 24, 2025

BTCC Exchange Partners With NBA All-Star Jaren Jackson Jr. To Inspire Smarter Moves In Sports And Crypto

September 24, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

How to solve the XPL perp defect

September 26, 2025

Detect the full execution bug with the induction pursing of Wake

September 25, 2025

KuCoin Appeals FINTRAC Decision, Reaffirms Commitment To Compliance

September 25, 2025
Most Popular

Bitcoin Price explodes at a new all-time high-the bull takes the lead.

May 22, 2025

How to Find 100x Altcoins: Simple 100x Altcoin Strategy

April 11, 2024

Brazil’s Largest Private Bank Launches Cryptocurrency Trading Platform in Brazil

December 5, 2023
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.