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Former Binance CEO Changpeng Zhao, center, departs federal court in Seattle on April 30, 2024.

Jason Redmond | AFP | Getty Images

Binance’s billionaire founder Changpeng Zhao has reported to a low-security federal prison in Lompoc, California. CNBC reached out to Zhao’s defense team at Latham & Watkins to confirm that the former crypto chief is now in custody.

Zhao was sentenced to four months in prison in April after pleading guilty to charges of enabling money laundering at his crypto exchange.

The sentence handed down to the former Binance chief was significantly less than the three years that federal prosecutors had been seeking for him. The defense had asked for five months of probation. The sentencing guidelines called for a prison term of 12 to 18 months.

“I’m sorry,” Zhao told U.S. District Judge Richard Jones before receiving his sentence, according to Reuters.

“I believe the first step of taking responsibility is to fully recognize the mistakes,” Zhao reportedly said in court. “Here I failed to implement an adequate anti-money laundering program. … I realize now the seriousness of that mistake.”

NYSE's Martin: Can't argue with success of Bitcoin ETFs and liquidity it's brought to markets

In November, Zhao, commonly known as “CZ,” struck a deal with the U.S. government to resolve a multiyear investigation into Binance, the world’s largest cryptocurrency exchange. As part of the settlement, Zhao stepped down as the company’s CEO.

Though he is no longer running the company, Zhao is widely reported to have an estimated 90% stake in Binance.

The scope of his alleged crimes included willfully failing to implement an effective anti-money laundering program as required by the Bank Secrecy Act, and allowing Binance to process transactions involving proceeds of unlawful activity, including between Americans and individuals in sanctions jurisdictions.

The U.S. ordered Binance to pay $4.3 billion in fines and forfeiture. Zhao agreed to pay a $50 million fine.

FTX’s founder and former CEO, Sam Bankman-Fried, is also serving time in federal prison in the U.S. Bankman-Fried, who was convicted on all seven criminal counts against him in November, was sentenced to 25 years in prison in March for the securities fraud conspiracy that doomed his cryptocurrency exchange and a related hedge fund, Alameda Research. Bankman-Fried was also ordered to pay $11 billion in forfeiture at the sentencing in Manhattan federal court.

Unlike Zhao, Bankman-Fried did not strike a deal with the government. Instead, other members of his C-suite cooperated with prosecutors. Caroline Ellison, Alameda’s former CEO and Bankman-Fried’s ex-girlfriend, was a star witness for the government during his criminal trial.

CNBC’s Jim Forkin contributed to this report.

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Sam Bankman-Fried's family on sentencing: We are heartbroken and will continue to fight for our son

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JB Hunt launches first electric aftermarket semi truck route in Arizona

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JB Hunt launches first electric aftermarket semi truck route in Arizona

Following successful inbound implementations in the Pacific Northwest, North Carolina, and Mexico, Daimler Trucks North America (DTNA) is expanding the reach of its electric semi fleet into Arizona with long-time associate JB Hunt.

JB Hunt will add the new Freightliner eCascadia electric semi to its Arizona fleet immediately, and put it to work delivering aftermarket truck parts from DTNA’s parts distribution center (PDC) in Phoenix to multiple DTNA dealers along a dedicated route.

The electric Freightliner truck is expected to cover approximately 100 miles in a given day before heading “home” to a Detroit eFill charger installed at Daimler’s Phoenix facility.

This milestone marks the first all-electric route in the DTNA aftermarket parts distribution network, significantly reducing carbon emissions and setting a precedent for future sustainable outbound logistics operations.

“This solution with DTNA is a great example of our commitment to supporting customers’ efforts to reduce their carbon footprint and work towards energy transition,” explains Greer Woodruff, executive vice president of safety, sustainability and maintenance at JB Hunt. “JB Hunt owns and operates several eCascadias on behalf of customers, and our drivers have really enjoyed their in-cab experience. As customer interest continues to grow, we are here to enable their pursuit for a more sustainable supply chain in the most economic means possible.”

Daimler is analyzing future expansion opportunities throughout its internal parts distribution and logistics with an eye on electrifing additional routes and further reducing the carbon footprint of its logistics operations.

JB Hunt will evaluate its utilization of the charging station for other customers in the area, eventually enabling fully integrated zero-emission vehicle solutions into its 3PL fleets.

SOURCE | IMAGES: Daimler Trucks North America.

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Mitsubishi Fuso cleans up, putting 89 electric garbage trucks to work in Greece

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Mitsubishi Fuso cleans up, putting 89 electric garbage trucks to work in Greece

The Greek cities of Athens and Thessaloniki are popular tourist spots, and those tourists are about to breathe a little bit easier – literally! – thanks to nearly 90 new electric garbage trucks from Mitsubishi Fuso.

The Daimler-owned Mitsubishi Fuso brand has been making big moves since export of its newest electric eCanter medium duty truck kicked off earlier this year. First expanding to Hong Kong, and now taking orders in the EU.

“Thanks to its compact dimensions and high chassis load capacity, the electric Next Generation eCanter is ideal for waste disposal companies that drive on narrow roads,” says Florian Schulz, Head of Sales, Marketing and Customer Services. “In addition, the vehicle is locally emission-free and quiet, so that garbage can be emptied early in the morning in densely populated areas. This makes it particularly suitable for municipal applications.”

One of the most important goals the cities’ governments had was to quiet down the garbage collection process. To that end, Greek body manufacturer KAOUSSIS has put a lot of development work into the upfit body to quiet the hydraulic and compaction actions. The company is calling its refuse body “the first of its kind,” creating a market advantage for the electric eCanter while meeting all EU technical regulations for operating waste disposal vehicles with standing personnel.

The hydraulic system employs proportional, electro-hydraulically operated directional valves that operate at a maximum pressure of 180 bar. KAOUSSIS says it’s specially designed for EVs, and is compatible with garbage bins between 80 and 390 liter (aka: really big) capacities. The lift also features a dynamic weighing system that records the weight of the waste with an accuracy of up to ±0.5 kg (about a pound).

“We have had a very close cooperation with KAOUSSIS for over 30 years,” says Antonios Evangeloulis, Director of Sales & Marketing of the Greek importer & general agent for Daimler truck products and services Star Automotive Hellas. “All the necessary tools, safety measures, technicians, training and certifications are in place and we are able to offer excellent after-sales support for these vehicles. Overall, it was an exciting project that we were able to realize together.”

Forty of the new electric refuse trucks are expected to be deployed by the end of November, with the balance expected to be delivered over the course of 2025.

Electrek’s Take

Mitsubishi Fuso eCanter; via Daimler Trucks.

Electrifying the commercial truck fleet is a key part of decarbonizing city truck fleets – not just here in the US, but around the world. I called the eCanter, “a great product for moving stuff around densely packed city streets,” and garbage is definitely “stuff.”

Here’s hoping we see more “right size” electric solutions like this one in small towns and tight urban environments stateside somewhat sooner than later.

SOURCE | IMAGES: Daimler Trucks, via Charged EVs.

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Italian DC fast charger maker Alpitronic enters the US market [video]

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Italian DC fast charger maker Alpitronic enters the US market [video]

Electrek‘s Seth Weintraub went to Alpitronic America’s new HQ to speak with CEO Mike Doucleff about its plans to roll out its ultra-fast chargers across the US.

Bolzano, Italy-based Alpitronic was founded in 2009, and it specializes in the development and production of DC fast chargers. The global company’s best-known product line is the Hypercharger, an ultra-fast EV charging station that can deliver charging power from 50 kW to 400 kW, depending on the model.

Alpitronic Americas recently announced an agreement with Mercedes-Benz High-Power Charging to become the first DC fast-charging network to deploy Hypercharger 400 units at scale in the US.

Alpitronics Americas’ new headquarters’ 68,000-square-foot office and industrial space in Charlotte, North Carolina, includes a diagnostics laboratory and repair center, a spare parts warehouse, a training center, and space for as many as 300 employees.

The Bolzano, Italy-based company’s Hyperchargers achieve, on average, an efficiency rate greater than 97.5%, and that its repair and service network can service chargers anywhere in the US.

Alpitronic cofounder and CEO Philipp Senoner said, “As a natural part of Alpitronic’s growth, we are anxious to expand our industry-leading Hypercharger network from Europe, where we are market-share leader, to North America. We are pleased with the talent we are finding in North Carolina and look forward to setting a new standard for the EV charging network in the US.”

Alpitronic chargers support all EV brands. Pre-production units have been tested publicly in Rock Hill, SC, and Portland, OR. The first US-built, public chargers are expected to be installed and available in October.

Seth and Mike Doucleff discuss what Aliptronic’s main driver was to come to the US, what attracted them to Charlotte, and what the company thinks the future of DC fast chargers is in the US, among other things. Their conversation begins at 00:41 on the Electrek podcast below:


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