Changpeng Zhao, the former CEO of Binance, has publicly apologized for his past decisions and accepted full responsibility for his actions. This comes as U.S. prosecutors are seeking a 36-month prison sentence for Zhao in connection with compliance failures at the cryptocurrency exchange.
Changpeng Zhao Issues Apology as Sentencing Nears
In a letter to the court, Changpeng Zhao (CZ) expressed regret for not implementing necessary compliance controls at Binance from the outset. Despite the rapid and chaotic growth of the company, he acknowledged his shortcomings in establishing these critical measures. Zhao’s apology was also supported by more than 160 letters from family members, long-time friends, and members of the crypto industry.
CZ stated:
I apologize for my poor decisions and accept full responsibility for my actions. In hindsight, I should have focused on implementing compliance changes at Binance from the get-go, and I did not.
Zhao’s legal troubles have marked a significant turn in his career, previously characterized by his leadership in making Binance a top crypto platform that provided financial access to millions worldwide. In his letter, Zhao recounted his humble beginnings and his deep involvement with Binance, reflecting on how much of his identity was intertwined with the company. He also highlighted his commitment to resolving his legal issues and focusing on future contributions outside the crypto sector.
“There is no excuse for my failure to establish the necessary compliance controls at Binance,” Zhao said. “I wish I could change that part of Binance’s story.”
Looking ahead, Zhao is turning his attention to biotech and philanthropy, aiming to address profit-driven practices in medical research and expand access to healthcare through blockchain technologies. He also plans to continue his support for educational and living standards programs for underprivileged youth around the globe. U.S., prosecutors, on the other hand, would like to see CZ serve three years in jail for his crimes.
“Another area I will continue to spend time on is helping the youth, which was a priority for me during my time at Binance,” CZ concluded. “From education programs in Africa, to improving living standards for the underprivileged youth in Southeast Asia, to University programs in Europe.”