Changpeng Zhao, the founder and former CEO of Binance, has written a letter to the judge presiding over his case on Tuesday, apologizing for his “poor decisions” and taking “full responsibility” for his actions.
Following their November 2023 settlement of charges with the U.S. Department of Justice (DOJ), Zhao and Binance are slated to be sentenced on April 30. The DOJ has now requested a 36-month sentence, even though Zhao previously waived his right to appeal any sentence up to 18 months.
Zhao stated, “There is no excuse for my failure to establish the necessary compliance controls at Binance,” and promised that this would be his only “encounter with the criminal justice system, ” in a letter to U.S. Judge Richard A. Jones of the Western District of Washington.
Zhao stated that he intended to help young people and biotech firms in the future. In addition to Zhao’s letter, 161 additional letters from friends, relatives, and other supporters begged for mercy.
Jessica Zhao, a former managing director at Morgan Stanley and sister of Zhao, stated that despite her brother’s faults, he strives to perform good deeds for others. She stated that Zhao made sure Binance never misappropriated any client funds, giving the example of the FTX fiasco.
In a post, He Yi, a fellow co-founder of Binance and the mother of CZ’s three kids, stated that CZ is the protector of this wilderness if the cryptocurrency space is like the Wild West.
Yi stated, “Even the United States has not determined how to define and regulate this industry.” He was bound to run into blind spots because, as the founder, he had never overseen a business this big.
Zhao’s wife, Yang Weiqing, cited Binance’s donation to Japan despite withdrawing from the market. His children, Rachel and Ryan, shared stories of his supportiveness and urged the Judge not to judge his character solely on this incident.
Tigran Gambaryan, Binance’s Head of Financial Crime Compliance and a former U.S. Treasury special agent, sent a supportive letter, penned before his arrest in Nigeria amid a Binance-Nigeria dispute. The letter was written before he was taken into custody, on January 1, 2024.
Gambaryan stated, “While acknowledging CZ’s prior missteps, I can attest to his integrity, business insight, and philanthropic actions have had a ripple effect, influencing not only Binance’s corporate philosophy but also positively impacting lives globally.”
Max S. Baucus, the former U.S. ambassador to China, Professor Jeremy R. Cooperstock of McGill University, Associate Professor Ronghui Gu of Columbia University, Sean Yang, the managing director of Morgan Stanley, and members of the United Arab Emirates’ royal family all sent letters of support.
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