Changpeng Zhao begins a four-month prison sentence in a California jail – DiarioBitcoin

Zhao will be held in federal prison for four months Lompoc II, located in California. It is a low security center, where inmates can carry out agriculture and livestock activities during their stay.

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• Changpeng Zhao’s prison sentence begins
• He will spend four months in federal prison Lompoc II in California
• There he will carry out agriculture and livestock activities
• Zhao indicated that he will use that time to rest and think about new possibilities.

The founder and former CEO of Binance, Changpeng Zhao (CZ) began serving his prison sentence in a center located in California, where he will spend about four months detained due to the charges against him.

Zhao begins his sentence in a US prison

According to a report published by the media CoinDeskZhao reported to federal prison Lompoc II in California, USA, a low-security prison located in Santa Barbara County, which has a prison population of more than 2,100 inmates.

Unlike other penitentiary centers, the conditions of Lompoc II They allow inmates to carry out agriculture, livestock and horse breeding activities, which makes it one of the friendliest institutions to serve sentences.

Let us keep in mind that Zhao accepted a plea agreement with the US authorities, this after it was determined that Binance failed to comply with laws against money laundering and the financing of terrorist acts under its management, this by not appropriately applying the processes KYC (know your customer) to avoid such irregularities.

In addition to the sentence, Zhao also received a fine of USD $50 million, and agreed to step down from both his position as CEO of Binance such as his position on the company’s board of directors.

Zhao’s plans

Although Zhao will spend the next four months in the penitentiary center, the tycoon plans to take advantage of this time to rest, meditate and explore other possibilities.

In his farewell letter after the departure of Binance, wrote:

“Binance will be fine. I will have to deal with some pain, but I will survive. We will move forward, although with some changes in the structure. It may not be a bad thing when we look back in a few years. Anyway, I needed a break. And now I have it“.

At the moment Binance is now under the direction of Richard Teng, who continues Zhao’s work and pushes new ideas to strengthen the exchange’s expansion.

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