CZ begins prison sentence, crypto community shows support
Changpeng Zhao, founder of Binance, the world’s largest cryptocurrency exchange. officially started serving his sentence At a low-security federal facility in Lompoc, California.
Zhao, known as CZ, was sentenced by Judge Richard Jones in April in the U.S. District Court for the Western District of Washington. He received: 4 months in prison on charges related to Binance money laundering; Along with a $50 million fine.
“I’m sorry,” Zhao said before sentencing. He reflected on his actions and accepted full responsibility for Binance’s failure to implement an effective anti-money laundering (AML) program.
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CZ’s investigation into Binance ended in November. An agreement was reached with the U.S. government. As part of the agreement, he pleaded guilty to a felony, stepped down as CEO of the company and was ordered to pay $4.3 billion in fines and forfeitures for civil regulatory violations, while Zhao paid a $50 million fine. I agreed to do it.
After completing 4 months of imprisonment, Zhao plans to fund biotechnology research. The goal is to treat diseases and provide global healthcare using blockchain technology. He also kept his promise: We support youth education and wellness programs globally. CZ added:
Please take my promise that this will be my only experience with the criminal justice system and that I will spend the rest of my life in a way that makes everyone proud.
During this period, CZ received support from cryptocurrency community. One Reddit user expressed his admiration for CZ. Serving prison time to protect Binance, It was noted that his actions prevented a potential collapse much more serious than the downfall of FTX.
Zhao’s decision to take responsibility and serve his sentence was seen as a step toward greater accountability and transparency.
In other news, another legal issue involving Binance is still unfolding in Nigeria. Tigran Gambaryan, one of the company executives currently detained in Korea on charges of tax evasion and money laundering, is reported to be suffering from malaria.
With a master’s degree in Economics, Politics, and Culture in East Asia, Aaron wrote a scientific thesis analyzing the differences between Western capitalism and collective capitalism after World War II.
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