Cryptocurrencies

Former CEO of cryptocurrency exchange Binance, Changpeng “CZ,” suggested

Former CEO of cryptocurrency exchange Binance, Changpeng “CZ” Zhao, has suggested that he plans to “write something” during his upcoming four-month prison term.

At the April 30 hearing, Judge Richard Jones sentenced Chow to four months in prison. The former CEO of Binance has pleaded guilty to one felony count for failing to maintain an effective anti-money laundering program at the exchange. Chow is expected to report to either camp at Sheridan Federal Correctional Institution in Oregon or the SeaTac Federal Detention Center in Washington on a date that had not been determined by press time.

Before and after the sentencing hearing, CZ remained active on social media, hinting at his plans for X. The former Binance CEO launched a youth-focused education program in the cryptocurrency and blockchain space called Giggle Academy. He also reached out to his 8.9 million followers, hinting at suggestions on how to spend time in prison.

Source: Changping Zhao

Zhao noted that he had “nothing else to do” but read books and wait for his report date. He pleaded guilty to the felony charge in November 2023 and was allowed to remain out of jail and travel within the U.S. territories on a $175 million bond. He will likely remain free until the Probation Office or Pretrial Services notifies his legal team of where and when he will be required to report.

With an estimated net worth of $33 billion, Czechoslovakia would be one of the richest individuals to ever go to prison. Before sentencing, Zhao’s lawyers presented statements from experts suggesting that his wealth and status may pose a risk of theft and extortion.

Related: Changpeng Zhao got 4 months, while Sam Bankman-Fried got 25 years – why?

These factors could have contributed to Judge Jones not immediately ordering Czechoslovakia to be imprisoned. The Federal Bureau of Prisons may be considering which facility could pose the least risk of physical harm to Chow during his four-month incarceration — both FDC SeaTac and FCI Sheridan house violent crime offenders.

“After sentencing, (…) the Bureau of Prisons uses presentence reports to designate appropriate institutions for offenders to serve their sentences, to select prison programs to assist offenders, and to develop case plans for their detention and eventual release,” states the website of the Bureau of Probation or Pretrial Services in the Western District of Washington. .

Zhao has already paid a $50 million fine as part of a deal between Binance and US authorities in November. The cryptocurrency exchange agreed to pay $4.3 billion to settle “civil regulatory enforcement actions,” but the matter did not resolve the lawsuit filed by the US Securities and Exchange Commission.

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