Binance founder Changpeng Zhao (CZ) has reported to federal prison to begin a four-month sentence.

According to a report by CNBC, Binance's founder Changpeng Zhao, also known as CZ, has reported to a low-security federal prison in Lompoc, California to begin his four-month sentence.

Zhao Changpeng Reports to Federal Prison, Begins Four-Month Sentence

In November of last year, former CEO of Binance, Zhao Changpeng (CZ), reached an agreement with the U.S. government, ending the investigation into the world's largest cryptocurrency exchange. As part of the settlement agreement, CZ stepped down from his position as CEO, and Binance paid a hefty fine of $4.3 billion. Following the admission of charges of money laundering on his cryptocurrency exchange, CZ was sentenced to four months in prison in April, much lower than the prosecution's recommended 3 years.

During the court battle at the end of April, the judge noted numerous letters of support, showing a person driven by a sense of mission, passion, and motivation, willing to risk everything to make Binance successful. The judge believed that through this difficult lesson, CZ has the ability and willingness to turn over a new leaf. Therefore, CZ was sentenced to only four months in prison.

CZ Court Update: Judge Sentences to Four Months

CNBC contacted the defense team from the law firm Latham & Watkins, confirming that CZ has been detained.

CZ to Begin a New Chapter in Life after Four Months

Prior to his sentencing, Zhao Changpeng had been under travel restrictions for several months. In March, he decided to establish Giggle Academy, offering free online courses for students in grades 1-12, which he considered to be the most impactful thing he could do to start a new chapter in his life.

Subsequently, Zhao Changpeng publicly issued an apology letter, stating that he will take full responsibility.

"Because I want to resolve this issue in court and start over. I want to correct my mistakes, turn the page, and start the next chapter of my life."

In the letter, CZ also mentioned his plans to fund small research labs and provide medical services for billions of people globally using blockchain technology. He will continue to dedicate his time and energy to helping young people improve their education and the lives of disadvantaged youth.

Full Text of Zhao Changpeng's Apology Letter: Taking Full Responsibility, Proudly Moving Forward

We look forward to seeing CZ officially move past his past after four months and embark on a new chapter in his life.