The former Binance executive was sentenced to four months in prison in April after pleading guilty in a money laundering case. He is now incarcerated in California.
Binance co-founder and former boss Changpeng Zhao began his stay at the federal prison in Lompoc, California on Friday, May 31, according to CNBC. Changpeng Zhao was sentenced to four months in prison in April after pleading guilty to money laundering at Binance.
“I think the first step to taking responsibility is to fully acknowledge the mistakes,” Changpeng Zhao said in court, according to CNBC. “I now realize the seriousness of this mistake.”
The sentence handed down against the former boss of Binance is lower than that which the federal prosecutor’s office had requested (three years in prison). His lawyers had requested five months of probation for their part.
In November 2023, Changpeng Zhao agreed to resign from his position as boss of Binance as part of an agreement reached with the US Department of Justice. He had pleaded guilty to money laundering. At the same time, the cryptocurrency exchange platform Binance found itself obliged to pay a fine of $4.3 billion.
Last March, FTX founder and former CEO Sam Bankman-Fried was also sentenced to federal prison in the United States. He was found guilty of all seven charges and was sentenced to 25 years in prison.
Source: https://www.bfmtv.com/crypto/changpeng-zhao-co-fondateur-et-ancien-patron-de-binance-incarcere-dans-une-prison-californienne_AV-202406030801.html
