Crypto:
30253
Bitcoin:
$66.161
% 0.09
BTC Dominance:
%54.0
% 0.46
Market Cap:
$2.41 T
% 1.30
Fear & Greed:
74 / 100
Bitcoin:
$ 66.161
BTC Dominance:
% 54.0
Market Cap:
$2.41 T

Changpeng Zhao: Founder of Binance Surrenders to Prison

Changpeng Zhao

Breaking news reports indicate that Binance founder Changpeng Zhao turned himself in to a low-security prison in California.

The billionaire founder of Binance, Changpeng Zhao, has turned himself in to a low-security federal jail in Lompoc, California. His defense team at Latham & Watkins verified that the former CEO of the biggest bitcoin exchange is currently incarcerated.

Related: From Prison to Author? CZ’s Book in the Works

April saw Zhao sentenced to four months in prison following a guilty plea to a charge of assisting money laundering at the cryptocurrency exchange. The term was much shorter than the three years federal prosecutors had first requested for him. While sentencing rules advised a prison term of between 12 and 18 months, the defense had sought five months of supervised release.

Before receiving his sentence, Changpeng Zhao expressed remorse to US District Judge Richard Jones. “I’m sorry,” Zhao said, according to Reuters. “I believe the first step in taking responsibility is to fully acknowledge mistakes. I failed to implement an adequate anti-money laundering program here. I now realize the seriousness of this mistake,” he said in court.

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