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, begins four-month sentence
CZ to embark on a new chapter in life after four months
In November of 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 resigned as CEO of the company, and Binance paid a hefty fine of $4.3 billion. CZ, after admitting to the allegations of money laundering on his cryptocurrency exchange, was sentenced to four months of imprisonment in April, significantly lower than the three years advocated by the prosecutor.

During the court battle at the end of April, the judge noted numerous letters of support, demonstrating a person driven by passion, motivation, and a willingness to risk everything to make Binance successful. The judge believed that CZ, through this challenging lesson, had the ability and willingness to rehabilitate himself. Therefore, CZ was sentenced to only four months of imprisonment.

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CZ courtroom update: Judge sentences to four months
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CNBC contacted the defense team at Latham & Watkins law firm to confirm that CZ has been detained.

Prior to his sentencing, Zhao Changpeng had been under travel restrictions for several months. In March, he decided to establish Giggle Academy, offering free online courses for students in grades 1-12. Zhao Changpeng described this as the most impactful thing he could do for the next chapter of his life.

Subsequently, Zhao Changpeng also publicly issued an apology letter, stating that he would take full responsibility, “because I wanted to resolve this issue in court and start over. I want to correct the mistakes, turn the page, and open the next chapter of my life.”

In the letter, CZ pointed out that he hopes to fund small research laboratories and use blockchain technology to provide healthcare services to billions of people worldwide. He also intends to continue investing time and energy to help young people improve their education and the quality of life for underprivileged youth.

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Full text of Zhao Changpeng’s apology letter: Taking full responsibility, proud to spend the rest of my life
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We also look forward to seeing CZ officially move beyond 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 yet! Legendary football superstar C.Ronaldo teams up with Binance to launch the fourth NFT series
Seeing the significant changes brought to the real world through blockchain and virtual assets from “digital donations”