Former Binance CEO CZ Begins 4-Month Prison Sentence in California💥

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Binance founder Changpeng “CZ” Zhao has reported to a federal prison in California, where he will spend the next four months, for failing to implement an adequate know-your-customer (KYC) program at the world’s largest cryptocurrency exchange.

Zhao, a Canadian citizen, pleaded guilty to violating the Bank Secrecy Act (BSA) in November. In April, a federal judge sentenced CZ to four months in prison — a much shorter sentence than the three years requested by federal prosecutors, but longer than other crypto executives, such as former BitMex CEO Arthur Hayes, have received for the same crime.

With a net worth of $762,616,453,5036.5 billion, according to the Bloomberg Billionaires Index, Zhao is considered the richest person to ever go to prison in the U.S. In addition to his sentence, Zhao was also fined $762,616,453,505 million and agreed to step down as CEO of Binance. Binance, which pleaded guilty to money laundering and sanctions violations at the same time as Zhao, settled the charges earlier this year with $762,616,453,504.3 billion in fines to various federal regulators and the appointment of an independent compliance monitor. Lompac II, where Zhao will serve his short sentence as inmate 88087-510, is a low-security prison in Santa Barbara County on California’s Central Coast. According to Bureau of Prisons records, there are currently 2,160 inmates at the facility. Conditions at the prison — where some inmates work on an adjacent farm, growing produce and working with cows and horses — are in stark contrast to the notoriously dangerous facility where former FTX CEO Sam Bankman-Fried, who was sentenced to 25 years in prison earlier this year, is currently being held in New York.