Binance Founder Zhao Changpeng (CZ) Reports to Federal Prison, Initiates Four-Month Sentence
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.
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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 of last year, former Binance CEO Zhao Changpeng (CZ) reached an agreement with the U.S. 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, who admitted to the charges of money laundering on his cryptocurrency exchange, was sentenced to four months in prison in April, far less than the three years advocated by the prosecutor.
During the court battle at the end of April, the judge stated that there were numerous letters of support, indicating a person driven by passion, motivation, and a risk to all 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 in prison.
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CZ Court Updates: Judge Sentences Four Months
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CNBC contacted the defense team from 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 stated that this is the most impactful thing he can do for the next chapter of his life.
Subsequently, Zhao Changpeng also publicly issued an apology letter, stating that he will take full responsibility, “because I want to resolve this issue in court and start over from scratch. I want to correct my mistakes, turn the page, and begin the next chapter of my life.”
In the letter, CZ pointed out that he hopes to fund small research labs and use blockchain technology to provide medical services to billions of people worldwide. He will also continue to devote time and energy to helping young people improve their education and the lives of disadvantaged youth.
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Zhao Changpeng’s Full Apology Letter: Taking Full Responsibility, Proudly Living the Rest of My Life
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We also look forward to seeing CZ officially leave behind the past after four months and embark on a new chapter in life.
Binance
Zhao Changpeng (CZ)
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