Binance founder Changpeng Zhao began serving his four-month prison sentence

Binance founder Changpeng Zhao (CZ) has reported to a federal prison in Lompoc, California to begin serving his 4-month sentence.

Binance founder Changpeng Zhao (CZ) has reported to a federal prison in Lompoc, California to begin serving his 4-month sentence. The information was confirmed with his legal team at Latham & Watkins, according to a CNBC report.

Following his sentencing, Zhao discussed his intentions after prison, indicating that he intends to return to the crypto industry after serving his four-month sentence in Lompoc. You are showing your unwavering faith in the digital asset market by intending to passively invest and maintain your current crypto holdings.

CZ said that the cryptocurrency sector is entering “a new stage” and that it is crucial to follow the rules and regulations. Judge Richard Jones sentenced Zhao to four months in prison at a hearing in April in the US District Court for the Western District of Washington. The charges against Zhao stem from money laundering at his cryptocurrency company.

He was also fined $50 million. Federal prosecutors had originally proposed a three-year sentence for the former Binance boss, but the judge imposed a much lesser sentence. The sentencing recommendations were 12 to 18 months in prison, but CZ's lawyers asked for five months of probation instead.$BNB #BinanceLaunchpool