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Binance's ex-CEO begins prison sentence in California
Binance's billionaire founder Changpeng Zhao has reported to a low-security federal prison in Lompoc, California.
In November, Zhao, commonly known as "CZ," struck a deal with the U.S. government to resolve a multiyear investigation into Binance, the world's largest cryptocurrency exchange. FTX's founder and former CEO, Sam Bankman-Fried, is also serving time in federal prison in the U.S. Bankman-Fried, who was convicted on all seven criminal counts against him in November, was sentenced to 25 years in prison in March for the securities fraud conspiracy that doomed his cryptocurrency exchange and a related hedge fund, Alameda Research. Zhao was sentenced to four months in prison in April after pleading guilty to charges of enabling money laundering at his crypto exchange.
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