TechFlow news, according to records from the U.S. Federal Bureau of Prisons (BOP), former Binance CEO Changpeng "CZ" Zhao has been transferred to a management facility in the greater Los Angeles area. Zhao is currently listed as an inmate under the Long Beach Residential Reentry Management (RRM) office, which oversees federal offenders in central and southern California.
Zhao pleaded guilty last November to violating the Bank Secrecy Act (BSA). In April, a federal judge sentenced him to four months in prison, which began on May 31 and is expected to end on September 29.
Prior to this transfer, he was serving his sentence at Lompoc II, a low-security federal prison in Santa Barbara County, California. The reason for the move is unclear, but it may indicate authorities are preparing for his transition to a residential reentry center or similar housing facility.
As part of his settlement with U.S. authorities, Zhao stepped down as CEO of Binance and is barred from serving as an executive at any cryptocurrency company in the future.
