Former Binance CEO Apologizes in Court, Seeks Second Chance
The co-founder and former CEO of Binance, Changpeng ‘CZ’ Zhao, has submitted a letter of apology to the court ahead of his sentencing on April 30. Zhao, who pleaded guilty to criminal charges earlier this year, expressed regret for his actions and accepted full responsibility.
In his letter, Zhao acknowledged that he should have implemented compliance changes at Binance sooner and emphasized the stringent controls that were eventually put in place under his leadership. He reassured the court that he has voluntarily surrendered and taken responsibility in the case, expressing a desire to resolve the matter and move forward.
Zhao highlighted his unconventional career path, where he led a simple life and returned investor money after failed startups, as well as his altruistic intentions of funding small biotech labs and supporting youth-related causes. He stated that he became involved in crypto because of its inclusiveness and equal opportunity.
Numerous individuals, including family, friends, Binance employees, industry and government officials, wrote letters of support for Zhao. Binance co-founder Yi He, who is also Zhao’s wife, acknowledged mistakes at the exchange but praised Zhao’s fairness, integrity, and sense of responsibility. Other notable figures, such as Samson Mow and Val Vavilov, described Zhao as honest, hard-working, modest, and disciplined.
While some of the letters requested a lenient sentence, Zhao did not explicitly ask for a reduced sentence in his own letter. The US Department of Justice is seeking a 36-month prison term and $50 million in fines against Zhao.
The court will decide Zhao’s sentencing on April 30.
