Binance founder Zhao Changpeng begins serving four-month sentence in California low-security prison

Binance founder Changpeng Zhao has reported to a low-security federal prison in Southern California, where he will serve a four-month sentence.
JUST IN: Former Binance CEO Changpeng Zhao sentenced to four months in prison.
Zhao Changpeng is now the richest person in prison in the United States. In April this year, Forbes ranked Zhao Changpeng as the richest person in the crypto space, with a net worth of $33 billion.
Binance founder Zhao Changpeng to serve sentence in low-security prison
Zhao Changpeng reported to the Lompoc II prison in southern California, where he will serve his sentence as prisoner number 88087-510. The prison has a population of 2,160 inmates.
Zhao Changpeng is not the only influential figure to serve time at the prison, which also houses Reed Slatkin, who is accused of masterminding one of the largest Ponzi schemes in the world.
Conditions in low-security prisons are often better than in high-security prisons. At Lumpoc II, inmates can work on a nearby farm, tending to animals and growing produce.
The conditions at Lompoc II stand in stark contrast to the New York prison where FTX co-founder Sam Bankman-Freed is serving a 25-year sentence.
Zhao Changpeng pleaded guilty to failing to implement an anti-money laundering system at Binance. He was sentenced to pay a $50 million fine and serve four months in prison.
Initially, prosecutors requested a 36-month prison sentence, while Zhao's lawyers sought five months of probation.
Changpeng Zhao turns over a new leaf
Shortly before being sentenced, Zhao Changpeng wrote a letter to Judge Richard Jones, apologizing for failing to implement adequate compliance measures at Binance.
In the letter, Zhao Changpeng noted that he did not want the charges against Binance to remain unresolved, but instead wanted to resolve them in court and start over.
Zhao Changpeng said: "I want to correct my mistakes, turn over a new leaf and start the next chapter of my life."
While it’s unclear whether Zhao will resume his role at Binance and in the crypto industry, he has expressed interest in educational projects and blockchain applications.
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