Former Binance CEO CZ Reports to Federal Prison

Former Binance CEO Changpeng Zhao has already reported to a federal prison in California to start his four-month prison sentence, according to Bloomberg.

Zhao will serve his sentence at Lompoc II, a low-security correctional institution where inmates spend most of the day outside.

Prison consultant Sam Mangel believes that CZ is going to be “perfectly fine.”

Farmlands are a big part of the Lompoc federal prison, with a lot of inmates working on farms that produce beef, field crops, and milk. This is where a lot of manual labor is done. Potential jobs range from dairy farming and riding horses to picking corn and planting it.

The Lompoc Federal Prison Camp used to be known as America’s most famous “country club” prison with T-shirts instead of khaki uniforms and unarmed guards. It was then converted into a higher security federal prison in the 90s.

Lompoc famously housed Herbert Kalmbach, the personal attorney of former President Richard Nixon. The facility was particularly known for its luxury, with inmates playing tennis in free time.

As reported by U.Today, Zhao was sentenced to four months behind bars in April after stepping down as the CEO of Binance last year and pleading guilty to money laundering violations.

In the meantime, former FTX CEO Sam Bankman-Fried, who was sentenced to 25 years in federal prison earlier this month, was recently transferred to a medium-security federal correctional institution in Mendota, California, last month.

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