Amid the difficult circumstances of a prison sentence, Binance founder and former CEO Changpeng CZ Zhao has taken to the X platform (formerly Twitter) to express his gratitude to those who supported him during these difficult times.
Binance founder promises resilience
Tuesday, the founder of Binance Changpeng CZ Zhao was sentenced to 4 months in prison for not having put in place sufficient guarantees against money laundering. As a result, Zhao was charged with several counts of crimes such as money laundering and failure to comply with the Bank Secrecy Act and Financial Crimes Enforcement Network.
During these difficult times, the Binance founder has received remarkable support from those who love him. Zhao acknowledged the different types of support he received, including messages and letters, as a way to show his appreciation. A total of 161 letters of support were sent to Zhao from friends, family members, company executives, Binance volunteers, and some community members, among others.
“I would like to thank everyone for your attention and support, whether by writing letters, showing your support on X or in any other form,” he said. According to Binance founder, everyone who supported him is the reason he never gave up and they all meant so much to him. “I will do my time, wrap up this phase and focus on the next chapter of my life (education),” he added.
Additionally, Zhao highlighted his promise to remain resilient by emphasizing his commitment to continuing to own and make passive investments in cryptocurrency. He then highlighted the importance of following laws and guidelines in the cryptocurrency sector, noting that a new phase has emerged in the industry and it is crucial to comply with these laws.
One positive that Zhao sees throughout the case process is that Binance has been closely monitored. Thus, he continues to advocate the crypto platform, claiming that user funds are safe and secure.
The sentence was lower than the initial request
It should be noted that the four-month prison sentence imposed on Zhao was far from the 36 months imposed by the Department of Justice (DOJ). request, and it’s only slightly worse than CZ’s attorney’s probation-only suggestion. The Justice Department had sought a 36-month sentence for Zhao, saying his violations of the law were on an unprecedented scale.
While prosecutors argued that the sentence should fit the seriousness of the offenses committed, Zhao’s defense attorneys countered that their client should simply receive probation.
American judge Richard Jones argued that the DOJ’s request exceeded the punishment guidelines at the sentencing hearing. Instead, citing no evidence that the defendant was ever informed that Binance was assisting in illicit operations, Jones sentenced CZ to four months in prison.
In November 2023, the Binance founder pleaded guilty to the multiple allegations against him and resigned as CEO of the company. During this time, he was fined $50 million and Binance was forced to pay an incredible $4.3 billion in fines.
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