Former Binance CEO Changpeng Zhao begins prison sentence in California
Changpeng Zhao (CZ), the founder and former CEO of Binance, has formally started serving his prison term in California.
The former CEO of the top cryptocurrency exchange has, in fact, reported for his fourth month of incarceration at a federal prison located in the city of Lompoc. Zhao admitted confessed to allegations of money laundering at Binance and was jailed in April.
The US Department of Justice threatened to fine the exchange $4 billion under Zhao's direction for anti-money laundering, sanctions, and unlicensed money-transmitting infractions.
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