Changpeng Zhao, the former CEO of the Binance cryptocurrency exchange, has reportedly started serving his four-month sentence in a minimum-security federal prison in the U.S. The billionaire handed himself over to prison officials in Lompoc, California, on Friday, CNBC reported.
U.S. prosecutors have been investigating Binance and Zhao, 47, for years. In November, CZ agreed to a deal with the United States government, which forced him to step down as Binance CEO.
Zhao, who has a personal fortune of up to $40 billion, according to Bloomberg, is believed to still own 90% of the cryptocurrency exchange.
Binance also agreed to pay $4.3 billion in fines and other penalties as part of the settlement with the federal government. Zhao himself paid a fine of $50 million, according to the CNBC report.
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