Former Binance CEO CZ Begins 4-Month Prison Sentence in California
Summary
Binance founder Changpeng “CZ” Zhao has begun a four-month prison sentence in California for failing to implement an adequate know-your-customer (KYC) program at the world's largest cryptocurrency exchange. Zhao, a Canadian national, pleaded guilty to violating the Bank Secrecy Act (BSA) in November. He was also fined $50 million and agreed to step down as Binance’s CEO. Binance, which pleaded guilty to money laundering and sanctions violations, settled the charges with $4.3 billion in fines to various federal regulators and the appointment of an independent compliance monitor. Zhao, with a net worth of $36.5 billion, is believed to be the richest person to ever go to prison in the U.S.
