Changpeng Zhao, also known as "CZ" and the founder of the cryptocurrency exchange Binance, recently shared details about his prison experience following legal troubles in the United States.
In November 2023, both CZ and Binance pleaded guilty to several charges related to money laundering and regulatory violations. To resolve the case, Binance agreed to pay over $4.3 billion in fines. Initially facing a three-year prison sentence, CZ's punishment was reduced to four months after his legal team argued that he was not directly involved in the wrongdoing.
In an interview with Farokh Radio, CZ shared his experience and described prison as an extremely difficult experience. Despite his calm demeanor and high tolerance for stress, he admitted that the process was very frightening. From searches to sharing a cell with a double murderer, CZ stated that nothing in prison was easy or appealing.
"It’s incredibly difficult when you go through that. Now I can laugh about it, but it’s not funny — it’s not enjoyable at all. I don’t want anyone to go through that. My first cellmate was a double murderer. Once you’re in there, no one cares who you are. They just treat you like anyone else," he said.
He explained that although he was not mistreated, he was also not given special treatment. Most guards and inmates did not know who he was, and he was monitored like any other prisoner. Because he was not a U.S. citizen, CZ was placed in a low-security prison instead of a minimum-security one, which is usually seen for white-collar criminals.
CZ said that prison is mentally stressful. One of his biggest fears was that his sentence could be unexpectedly extended, which he said happens to many inmates. Even after serving four months, immigration issues caused delays in his release, and he was held in a detention center.
Despite the challenges, CZ said that most prisoners respected him and he had no conflicts during his time in prison. He also revealed that he is writing a book that will include more details about his experience.
