Changpeng ‘CZ’ Zhao, the co-founder and former CEO of Binance, took the initiative to submit a letter of apology to the court on April 24. In his letter, Zhao expressed regret for his past decisions and accepted full responsibility for his actions. He acknowledged that he should have implemented compliance changes at Binance earlier on, and highlighted the introduction of stringent controls under his leadership. Despite the criminal charges he faced, Zhao voluntarily surrendered and expressed a desire to resolve the matter in court so that he could have a fresh start.
Request for a Second Chance
Zhao supported his plea for a second chance by outlining his unconventional career path, which involved living a simple life and returning investor money after failed startups. He also mentioned his altruistic intentions of funding small biotech labs and youth-related causes. Additionally, numerous individuals, including family, friends, Binance employees, industry professionals, and government officials, wrote letters of support for Zhao. Among them was Binance co-founder Yi He, who praised Zhao’s fairness, integrity, and sense of responsibility. The letters collectively portrayed Zhao as a dedicated CEO committed to his work and family while maintaining a modest lifestyle.
Support from Industry Peers
The collection of letters also included submissions from prominent figures such as JAN3 CEO Samson Mow, Bitfury Group CEO Val Vavilov, and Paxos Asia CEO Richmond Teo. These individuals lauded Zhao as honest, hard-working, modest, and disciplined. While some letters did request for a lenient sentence, Zhao himself did not explicitly ask for a reduced sentence in his letter. Despite this, the US Department of Justice is seeking a 36-month prison sentence and $50 million in fines against Zhao. His sentencing is scheduled for April 30.
Changpeng ‘CZ’ Zhao’s letter of apology and the outpouring of support from his peers shed light on the complexities of his character and the circumstances surrounding his legal troubles. While Zhao has expressed remorse and taken responsibility for his actions, it remains to be seen how the court will ultimately decide his fate.
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