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Binance‘s co-founder and former CEO, Changpeng ‘CZ’ Zhao, submitted a letter of apology to the court docket on April 24.
Zhao, who pleaded responsible to prison fees earlier this yr, expressed remorse upfront of his upcoming sentencing date. He wrote:
“I apologize for my poor choices and settle for full duty.”
CZ stated he acknowledges that he ought to have launched compliance modifications at Binance at an early stage, noting that the alternate had ultimately launched “stringent” controls below his management.
He emphasised that he “voluntarily surrendered and took duty” within the present case, hoping to resolve the matter earlier than the court docket so he can “attempt once more.”
CZ wrote::
“Relaxation assured that [this] won’t ever occur once more. Please settle for my assurance that this shall be my solely encounter with the prison justice system …”
Zhao supported his request for a second likelihood by describing an “unconventional” profession path wherein he lived a easy life and returned investor cash after failed startups.
Zhao additionally offered an altruistic aspect, claiming that he grew to become concerned in crypto as a result of the realm provides “inclusiveness and equal alternative.” Zhao stated that he hopes to fund small biotech labs and youth-related causes.
Letters of help
Dozens of different people additionally wrote letters of help, together with household, associates, Binance staff, volunteers, and customers — in addition to business and authorities officers.
Binance co-founder Yi He — who can be CZ’s spouse — acknowledged errors at Binance however praised Zhao’s “equity, integrity, and a way of duty.”
She additionally cited Binance’s failed try and rescue FTX in 2022 as an incident that led Zhao to enhance Binance’s privateness by making the alternate’s personal addresses clear and including different accountability options.
The gathering of letters included submissions from JAN3 CEO and former Blockstream CSO Samson Mow, Bitfury Group CEO Val Vavilov, and Paxos Asia CEO Richmond Teo.
The letters collectively painting Zhao as a CEO dedicated to Binance and his household whereas dwelling a modest life. Writers variously described Zhao as “sincere,” “hard-working,” “modest,” and “disciplined.”
Solely among the letters explicitly requested for a lenient sentence, and Zhao didn’t ask outright for a diminished sentence in his personal letter. The US Division of Justice is searching for a 36-month jail sentence and $50 million in fines in opposition to Zhao.
CZ’s sentencing is scheduled for April 30.
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