Former Binance CEO, Changpeng “CZ” Zhao, plans to “write something” during his upcoming four-month prison term. Judge Richard Jones sentenced Zhao on April 30 to four months in prison after he pleaded guilty to one felony charge for failing to maintain an effective Anti-Money Laundering program at Binance.
Zhao is expected to serve his time either at the Federal Correctional Institution Sheridan in Oregon or the Federal Detention Center SeaTac in Washington, though the reporting date was not determined at the time of publication.
Despite his legal troubles, CZ has remained active on social media.
He launched Giggle Academy, a youth-focused crypto and blockchain education program, and engaged with his 8.9 million followers on X, seeking suggestions on how to pass the time in prison.
With a net worth of $33 billion, CZ would be one of the wealthiest individuals to serve time in prison.
His legal team argued that his wealth and status could make him a target for theft and extortion, potentially influencing the judge’s decision to allow him to remain free until the Probation or Pretrial Services Office decides his reporting details.
During this period, Zhao has kept himself busy, mentioning on X that he has “nothing else to do” but read books and wait for his reporting date.
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He pleaded guilty in November 2023 and has since been free on a $175 million bond, restricted to travel within certain U.S. areas.
The Federal Bureau of Prisons is likely considering which facility would be safest for Zhao, given that both FDC SeaTac and FCI Sheridan house violent offenders.
According to the Probation or Pretrial Services Office of the Western District of Washington, presentence reports help the Bureau designate suitable institutions, select prison programs, and develop case plans for custody and eventual release.
In November, Zhao paid a $50 million penalty as part of a deal between Binance and U.S. authorities.
Binance agreed to pay $4.3 billion to settle civil regulatory enforcement actions, though this did not resolve a separate lawsuit filed by the U.S. Securities and Exchange Commission.
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