Former CEO of the cryptocurrency exchange Binance, Changpeng Zhao (CZ), has arrived at the federal prison in Lompoc, California, to serve his sentence. This was reported by CNBC.
The information was confirmed to the publication by the law firm Latham & Watkins, which represented Zhao.
In late April, a federal court in Seattle sentenced the Binance founder to four months in prison for money laundering and other illegal activities.
“I will serve my time, complete this phase, and focus on the next chapter of my life (education). I will remain a passive investor in the crypto industry (and a hodler). The industry has entered a new era. Compliance is very important,” he wrote.
Prosecutors had sought a harsher punishment of 36 months in prison. During the hearings, CZ expressed his willingness to take full responsibility. Prior to this, he apologized for “poor decisions.”
As reported by CoinDesk, they explained the “short sentence” by CZ’s reputation.
During the hearings, the judge, lawyers, and even prosecutors acknowledged that he was not a “typical defendant” in criminal cases. In their view, Zhao was a philanthropist who broke the law for the first time and a family man who surrendered to accept the consequences.