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<p>Binance founder Changpeng Zhao has reported to a low-security federal prison in Southern California, where he will serve a four-month sentence.</p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr">JUST IN: Former Binance CEO Changpeng Zhao sentenced to 4 months in prison. <a href="https://t.co/i1gdlcTWzs" rel="noopener noreferrer nofollow">pic.twitter.com/i1gdlcTWzs</a></p>
 <p>— Bitcoin Magazine (@BitcoinMagazine) <a href="https://twitter.com/BitcoinMagazine/status/1785384669812273570?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">April 30, 2024</a></p>
</blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<p>The former Binance CEO is now the richest person to go to prison in the US. In April, Forbes <a href="https://insidebitcoins.com/news/forbes-list-shows-17-crypto-billionaires-led-by-binance-founder-changpeng-zhao-and-coinbase-ceo-brian-armstrong" target="_blank" rel="noopener noreferrer nofollow">ranked Zhao</a> as the wealthiest person in crypto with a $33 billion fortune.</p>
<h2 id="binance-founder-cz-to-serve-time-at-a-low-security-prison">Binance Founder CZ to Serve Time At A Low-Security Prison</h2>
<p>Zhao reported to the Lompac II prison in Southern California, where he will serve time as inmate 88087-510. The prison has 2,160 inmates.</p>
<p>Zhao is not the only influential name to serve time at the prison. It also housed Reed Slatkin, who was accused of spearheading one of the biggest Ponzi schemes.</p>
<p>Low-security prisons tend to have better conditions than high-security prisons. At Lompac II, the inmates can work at a nearby farm to cater to animals and grow produce.</p>
<p>The conditions at the Lompoc II facility are in stark contrast to the New York prison where FTX co-founder Sam Bankman-Fried is serving his 25-year sentence.</p>
<p>Zhao pled guilty to failing to implement an anti-money laundering system at Binance. He was ordered to pay a $50 million fine, and serve a four-month prison sentence.</p>
<p>The prosecutors initially asked for a 36-month prison sentence, while Zhao’s attorneys sought five months of probation.</p>
<h2 id="cz-turning-over-a-new-leaf">CZ Turning Over A New Leaf</h2>
<p>Shortly before his sentencing, Zhao <a href="https://www.binance.com/en-IN/square/post/7231582634562" target="_blank" rel="noopener noreferrer nofollow">sent a letter</a> to Judge Richard Jones apologizing for failing to implement adequate compliance measures at Binance.</p>
<p>In the letter, Zhao noted that he did not want the charges against Binance to be left unresolved and rather to settle them before the court and start over.</p>
<p>“I wanted to right my wrongs, turn the page, and start the next chapter of my life,” Zhao said.</p>
<p>While it remains unclear whether Zhao will resume his roles at Binance and the crypto industry, he has shown interest in focusing on education programs and blockchain adoption.</p>
<h3 id="also-read">Also Read:</h3>
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Binance Founder Changpeng Zhao Begins Four-Month Sentence In Low-Security California Prison

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