Convicted of money laundering in connection with his Binance exchange, Changpeng Zhao has begun serving his sentence. The low-security Lompoc prison in California will receive and house the billionaire for the next 4 months.
Former Binance CEO already in prison
We know a little more about the situation of the former CEO of Binance Changpeng Zhao. According to CNBC, CZ reported to Lompoc Federal Prison in California on May 31, 2024 as inmate 88087-510.
There is every reason to believe that this is the prison where the former Binance CEO will serve his 4-month prison sentence for money laundering in connection with his exchange.
Unlike the former CEO of FTX Sam Bankman-Fried purging his 25-year sentence in a maximum-security federal prison, Changpeng Zhao enjoys rather favorable prison conditions. Indeed, Lompoc, where he is being held, is a low security located in Santa Barbara County. This type of prison houses only non-dangerous prisoners who are unable to escape. According to prison documents, Lompoc currently holds 2,160 inmates. The latter can even be released for work on farms.
CZ becomes a hero of the crypto ecosystem
As CZ begins to serve his sentence, one might be tempted to think that the character is frowned upon. Quite the opposite is true. In fact, several Internet users have praised his leadership at the head of Binance. Visit pleading guilty and agreeing to resign from his position as CEO of Binance, CZ has saved the crypto market from a plunge the scale of which no one is yet aware estimates in particular a reddit user.
I respect him for taking it for the team rather than putting Binance at risk. If FTX’s fall hit Crypto hard, imagine what would happen if Binance collapsed.
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As a reminder, CZ was sentenced to four months’ imprisonment and a $50 million fine for charges relating to money laundering on his Binance exchange. The judge was undoubtedly convinced by CZ’s apology although the U.S. Department of Justice recommended 3 years’ imprisonment for Binance’s founder. Prior to his conviction, CZ launched the Giggle Academy project aimed at improving children’s access to education.
Unlike SBF, who used his FTX exchange to enrich himself unduly, CZ is a leader who sacrificed himself to save Binance and preserve his customers. From this point of view, his imprisonment is an act of bravery to be commended.
I dream of a world where every citizen has total control over themselves, including their finances. I believe that Bitcoin is one of the tools that will achieve this revolution. Since 2019, I am learning about this cryptocurrency and spreading the word around.
