The former CEO and co-founder of Binance, Changpeng ‘CZ’ Zhao, recently submitted a letter of apology to the court on April 24. In the letter, Zhao expressed regret for his past decisions and admitted to accepting full responsibility for his actions. This admission of guilt comes after earlier criminal charges that Zhao pleaded guilty to earlier this year.
Zhao acknowledged that he should have implemented compliance changes at Binance much earlier in the process. He noted that the exchange eventually introduced strict controls under his leadership, but he recognized that these changes should have been made sooner. This suggests a level of self-awareness and understanding of his role in the situation.
Despite his past mistakes, Zhao emphasized that he voluntarily surrendered and took responsibility for the current case. He expressed a desire to resolve the matter before the court so that he can have a chance to start fresh and “try again.” This shows a willingness to learn from past errors and seek redemption for his actions.
In his letter, Zhao assured that such incidents would never happen again in the future. He stated that he hoped to fund small biotech labs and support youth-related causes, showcasing a more altruistic side to his character. By highlighting his unconventional career path and commitment to giving back to the community, Zhao pleaded for a second chance to prove himself.
Numerous individuals, including family, friends, Binance employees, volunteers, and industry and government officials, wrote letters in support of Zhao. They praised his fairness, integrity, and sense of responsibility, while also acknowledging the mistakes made at Binance. The letters portrayed Zhao as an honest, hard-working, and disciplined individual, committed to his family and living a modest life.
Despite the support from his peers, Zhao faces a 36-month prison sentence and $50 million in fines sought by the US Department of Justice. While some letters asked for leniency, Zhao did not explicitly request a reduced sentence in his own letter. His sentencing is scheduled for April 30, where the final verdict will be delivered based on the evidence presented before the court.
Leave a Reply