Binance Founder Zhao Reports to Low-Security California Prison

Binance founder Changpeng Zhao has reported to a federal prison in California to begin a four-month sentence for failing to safeguard the world’s largest crypto exchange against money laundering.

The former chief executive officer, the richest person to do time in a US federal lock up, will serve his punishment at Lompoc II, a low-security facility with an adjacent satellite camp in Santa Barbara county.

The 47-year-old Zhao — now identified as inmate 88087-510 — was destined for the Seatac federal detention center in Seattle because his status as a non-US citizen had seemingly made him ineligible for a less ...