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Home»ADOPTION NEWS»Binance founder CZ begins 4-month prison sentence as Korea’s richest inmate
ADOPTION NEWS

Binance founder CZ begins 4-month prison sentence as Korea’s richest inmate

By Crypto FlexsJune 1, 20242 Mins Read
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Binance founder CZ begins 4-month prison sentence as Korea’s richest inmate
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People • June 1, 2024, 11:10 AM EDT

Posted 1 minute ago In ~

Binance founder Changpeng Zhao, also known as CZ, has reported to a low-security California facility to begin his four-month federal prison sentence as America’s richest inmate.

Zhao was sentenced to four months in prison and a personal fine of $50 million in April after pleading guilty in November 2023 to failing to implement adequate anti-money laundering protocols at Binance, the world’s largest cryptocurrency exchange. Binance agreed to pay $4.3 billion in one of the largest monetary settlements in history, sparking mixed reactions from the cryptocurrency community.

Sam Mangel, who works as a federal prison consultant, told The Block in April: “CZ will not likely benefit from the work-time credit program and he is expected to serve 120 days in federal prison.” “Even though he may be uncomfortable, I believe that Zhao will be safe and will not be robbed or put in danger.”

Government records show CZ reported to the Federal Correctional Institution in Lompoc, California, a low-security federal prison located northwest of Los Angeles. FCI Lompoc includes Reed Slatkin, who was convicted of running one of the largest Ponzi schemes in history that primarily targeted Scientologists, and Mossimo Gianulli, who allegedly played a role with his wife, Lori Loughlin, in the college admissions bribery scheme. Several notable prisoners convicted of white-collar crimes were taken into custody. scandal.

Following CZ’s departure, Binance released a blog post highlighting its success and outlining its vision for the future. “We are confident that Binance will emerge as an even stronger company, laying the foundation for the next 50 years,” he wrote.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

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