In a letter to U.S. Judge Richard A. Jones of the Western District of Washington, former Binance CEO Zhao Changpengcommonly known as “CZ,” expressed remorse and apologized for what he called “bad decisions” made during his tenure at the helm of the cryptocurrency exchange.
The letter was filed Tuesday, before his sentencing for charges related to anti-money laundering and sanctions violations.
Former Binance CEO apologizes for ‘bad decisions’
CZ started on letter expressing gratitude to the court and probation office for their time and consideration throughout the legal process. He thanked probation officers for allowing him to speak frankly and understand the whole of him.
Changpeng Zhao accepted full responsibility for his actions and admitted that he should have prioritized implementation compliance changes at Binance from the start. He regretted not having established the necessary compliance controls.
The former CEO highlighted that under his leadership, Binance had implemented the strictest anti-money laundering controls among non-US exchanges since 2022.
CZ highlighted the rapid growth and challenges faced in keeping the platform afloat during its early years, ultimately creating a secure product that protected users and their funds.
Additionally, CZ apologized to his family, friends, Binance employees, and the broader crypto community, recognizing the significant impact his actions had on their lives.
The former Binance CEO acknowledged the significant changes in his life, noting that he is no longer CEO of Binance and has accepted this new reality. He expressed optimism about the achievement positive impacts in other areas in the future.
Reflecting on her unconventional journey, CZ shared her immigrant background and self-funded college education. In these cases, he mentioned his previous failed startups and his commitment to returning investors’ money. He said he voluntarily surrendered and took responsibility in this matter to resolve the issue in court.
CZ’s vision beyond Binance
Looking ahead, CZ expressed interest in cryptocurrency’s potential to provide inclusiveness and equal opportunity around the world. He mentioned his intention to explore opportunities in the field of biotechnology, particularly focusing on finance research laboratories to cure diseases and provide medical access using blockchain technologies.
CZ also highlighted its commitment to helping disadvantaged youth through various global education and living standards programs.
It should be noted that the US Department of Justice (DOJ) has recommended a three-year prison sentence for CZ, alleging that his “willful violation” of US laws was “an integral part” of Binance’s business strategy.
The DOJ claimed that Binance “aggressively” targeted U.S. customers without meeting necessary legal standards, thereby enabling illicit financial flows.
The DOJ memo describes CZ’s actions as a calculated move to ignore U.S. laws for personal gain. The prosecution further stated that CZ gambled on not getting caught and anticipated that the consequences would not be as serious as the crime committed.
Currently, the exchange’s native token, BNB, is trading at $601 after a substantial price recovery of 14% in the last week alone.
Featured image from Bloomberg, chart from TradingView.com
