According to the latest development, Binance founder Changpeng Zhao surrendered to a low-security prison in California.
Binance's billionaire founder Changpeng Zhao has surrendered to a low-security federal prison in Lompoc, California. The former CEO of the world's largest cryptocurrency exchange is currently in prison, it has been confirmed by his defense team at Latham & Watkins.
Zhao was sentenced to four months in prison in April after pleading guilty to charges of facilitating money laundering on the crypto exchange. The sentence was significantly less than the three years federal prosecutors originally sought for him. The defense had requested five months probation, while sentencing guidelines recommended a sentence of 12 to 18 months.
Before receiving his sentence, Zhao expressed remorse to U.S. District Judge Richard Jones. “I'm sorry,” Zhao said, according to Reuters. He also told the court, “I believe the first step in taking responsibility is to fully acknowledge the mistakes. I failed to implement an adequate anti-money laundering program here… I now realize the seriousness of this mistake.” said.
*This is not investment advice.