Changpeng Zhao, the former CEO of Binance, has begun a four-month prison term at the Federal Correctional Institution in Lompoc, California, after pleading guilty to enabling money laundering through his exchange. Besides the prison sentence, Zhao agreed to pay a $50 million fine. This marks a significant development in Zhao’s legal battles, which include allegations of unregistered securities offerings and market manipulation. Despite his resignation, Zhao remains a major stakeholder in Binance, which is now under new leadership and facing increased regulatory scrutiny.
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