Changpeng teases Zhao about writing a project before they report to prison.
Changpeng “CZ” Zhao, the former CEO of cryptocurrency exchange Binance, has indicated that he plans to “write something” during his upcoming four-month prison term.
At a hearing on April 30, Judge Richard Jones sentenced Zhao to four months in prison. The former CEO of Binance has pleaded guilty to one felony charge of failing to maintain an effective anti-money laundering program at the exchange. Zhao is expected to report to the Sheridan Federal Correctional Institution in Oregon or the federal prison in Washington, D.C., at an unspecified date at the time of publication.
Before and after the sentencing hearing, CZ has been active on social media, with X. The former Binance CEO launching a youth-focused crypto and blockchain education program called Giggle Academy. He gained 8.9 million X followers by sharing tips about how he spends his jail time.
Zhao pointed out that he has “nothing else to do” but read books and wait for the day of the report. He pleaded guilty to the charges in November 2023 and was allowed to remain behind bars and travel around the U.S. on a $175 million bond. The Office of Examination or Pre-Trial Services remains exempt as long as it notifies the legal team of where and when reporting is required.
With an estimated net worth of $33 billion, C.Z.D. Before sentencing, Zhao's lawyers submitted expert testimony suggesting his wealth and status could pose a risk of theft and robbery.
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These factors could have contributed to Jones not immediately ordering CZ out of jail. The Federal Bureau of Prisons could weigh which facility would cause the least physical harm to Zhao during his four-month sentence — both FDC SeaTac and FCI Sheridan, which house violent offenders.
“After the verdict […] The Bureau of Prisons is used by the Bureau of Prisons to determine appropriate facilities for offenders to complete their sentences, select prison programs to assist offenders, and develop case plans for their incarceration and eventual release. Western District of Washington website.
As part of a settlement between Binance and US authorities in November, Zhao paid a $50 million fine. The crypto exchange agreed to pay $4.3 billion to settle “civil regulatory enforcement actions”, but the case did not resolve the lawsuit filed by the US Securities and Exchange Commission.
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