Binance’s CZ Apologizes for ‘Poor Decisions’ as DOJ Pushes for 3 Year Prison Term
In the letter, Zhao apologized for his poor decisions and accepted full responsibility for his actions. He noted that Binance has now implemented the "most stringent anti-money laundering controls of any non-US exchange" and that these controls have been in place since 2022
Binance founder and former CEO Changpeng Zhao penned a letter to the judge overseeing his case ahead of his sentencing hearing on April 30, expressing deep regret for his choices and assuring the court that the charges he is on trial for would be his "only encounter with the criminal justice system."
In the letter, Zhao apologized for his poor decisions and accepted full responsibility for his actions. He noted that Binance has now implemented the "most stringent anti-money laundering controls of any non-US exchange" and that these controls have been in place since 2022.
Zhao's letter to the judge came after prosecutors at the U.S. Department of Justice recommended that the Binance founder be sentenced to a minimum of 36 months in prison.
Prosecutors argued that Zhao bet that he would not get caught, and that if he did, the consequences would not be as serious as the crime. They also stated that the sentence in this case would not only send a message to Zhao but also to the world.
Zhao's lawyers responded with their own sentencing memo to the judge, arguing that no other defendants, tried under similar circumstances of violating the Bank Secrecy Act (BSA), had ever been sentenced to a term of imprisonment. Instead, they recommended that Zhao be sentenced to probation, given his lack of criminal history and acceptance of responsibility.
Zhao has also received overwhelming support from family members, friends, business leaders, and Binance employees in the form of 161 letters of support seeking leniency from the judge.
In a statement, He Yi, Binance co-founder and the mother of Zhao's three children, wrote that today, it is Zhao's sense of responsibility that makes him choose to face the trial, but he should never be regarded as the same as evil murderers, robbers, and frauds.
