In a letter penned down on Tuesday, Changpeng Zhao, the founder and ex-CEO of Binance, expressed regret for past mistakes and assumed complete accountability for his actions, apologizing for any “suboptimal choices” he may have made.
After reaching a deal with the U.S. Department of Justice (DOJ) in November 2023 over alleged charges, Zhao and Binance are scheduled for sentencing on April 30. Initially, Zhao had renounced his right to challenge any sentence up to 18 months. However, the DOJ is now advocating for a 36-month prison term.
Zhao admitted in a letter to Judge Richard A. Jones of the Western District of Washington that he had failed to implement adequate compliance controls at Binance and expressed regret, adding that this would be his first experience with the criminal justice system.
Zhao expressed his plan to assist young individuals and biotech companies in the future. Alongside Zhao’s letter, there were 161 heartfelt appeals from friends, family, and other advocates imploring clemency.
Jessica Zhao, a former managing director at Morgan Stanley and Zhao’s sister, shared that her brother may have had flaws, but he consistently worked to benefit others. She emphasized that Binance, under Zhao’s leadership, never misused client funds, using the FTX debacle as an example.
In a recent post, He Yi (a Binance co-founder and mother of CZ’s three children) described CZ as the guardian of order in the unruly frontier that is the cryptocurrency market, likening it to the Wild West.
Yi acknowledged that even the US hasn’t figured out how to define and control this industry fully. As the founder, he lacked experience in managing such a large business, which could lead to encountering unexpected challenges.
Despite withdrawing from the market, Yang Weiqing, Zhao’s wife, mentioned Binance’s charitable donation to Japan during the hearing. Rachel and Ryan, their children, testified about their father’s kindness and asked the judge not to base his judgment solely on this incident.
Before his arrest in Nigeria during the Binance-Nigeria controversy on January 1, 2024, Tigran Gambaryan, Binance’s Head of Financial Crime Compliance and a former U.S. Treasury special agent, penned a letter expressing support.
Gambaryan expressed that despite CZ’s past errors, I can confirm his honesty, shrewd business sense, and charitable deeds have left a significant ripple effect. They have not only shaped Binance’s corporate values but also improved lives around the world.
Max S. Baucus, the ex-American ambassador to China, Jeremy R. Cooperstock, professor at McGill University, Ronghui Gu, associate professor at Columbia University, Sean Yang, managing director at Morgan Stanley, and representatives from the UAE’s royal family wrote letters expressing their support.
Read More
Sorry. No data so far.
2024-04-24 23:00