CZ Zhao Writes Letter of Apology Before Sentencing

Changpeng ‘CZ’ Zhao, the co-founder and former CEO of Binance, recently submitted a letter of apology to the court. In this letter, he expressed regret for his poor decisions and accepted full responsibility for his actions. Zhao acknowledged that he should have implemented compliance changes at Binance much earlier in his tenure, although he did eventually introduce stringent controls under his leadership.

Seeking a Second Chance

Despite pleading guilty to criminal charges earlier this year, Zhao emphasized in his letter that he voluntarily surrendered and took responsibility for his actions. He expressed a desire to resolve the matter before the court so that he can start fresh and try again. Zhao assured the court that the situation would never happen again and that this would be his only encounter with the criminal justice system.

Zhao’s request for a second chance was supported by dozens of individuals who wrote letters on his behalf. These letters came from family, friends, Binance employees, industry and government officials, and even volunteers and users of the exchange. Binance co-founder Yi He, who is also Zhao’s wife, acknowledged mistakes at Binance but praised Zhao’s fairness, integrity, and sense of responsibility.

In the letters of support, Zhao was described as honest, hard-working, modest, and disciplined. The writers portrayed him as a CEO who was committed to Binance and his family while living a modest life. They cited his unconventional career path, simple lifestyle, and involvement in crypto as evidence of his good character.

Requesting Leniency

While some of the letters explicitly asked for a lenient sentence, Zhao himself did not request a reduced sentence in his letter. 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, where he will find out the consequences of his actions.

CZ Zhao’s letter of apology and the supporting letters paint a picture of a man who made mistakes but is seeking redemption. Despite the serious charges against him, Zhao’s supporters believe in his character and integrity. It remains to be seen how the court will decide his fate and whether he will indeed get a second chance to make amends.