Cryptocurrency exchange Binance‘s founder and former CEO Changpeng Zhao “CZ”, addressed the judge overseeing his case with a letter months after his agreement with the U.S. Department of Justice. Zhao is expected to be sentenced on April 30. During this period, 161 support letters were submitted.
CZ: I Apologize for My Mistakes
In the letter written by Zhao, he apologizes for his “poor decisions” and takes responsibility for his actions. Despite reaching an agreement with the Justice Department in November 2023, he waived his right to appeal any sentence up to 18 months. However, the Justice Department is now seeking a 36-month sentence.
The letter states that Zhao’s failure to establish compliance controls at Binance was inexcusable and assures that this will be his only encounter with the justice system. He also emphasized his desire to support biotechnology ventures and young people in the future.
Support Letters for Binance CEO
Among the support letters, family members, friends, and well-known industry figures state that despite acknowledging his mistakes, Zhao continues to do good things. Binance’s former General Manager Jessica Zhao said her brother lives to do good for others and emphasized that Zhao never misused any customer funds.
Other supporters include Yi He, the mother of CZ’s three children. Yi He described CZ as a guardian in the crypto sector and noted that legal regulations in the industry are still unclear.
Zhao’s wife Yang Weiqing highlighted Binance’s past donations to disaster areas, underscoring Zhao’s good intentions.
Former Employees Also Offer Support
Tigran Gambaryan, a former insider at Binance, also sent a support letter, emphasizing Zhao’s honesty and philanthropic actions, stating that he has created positive impacts not just at Binance, but globally.
The support letters argue that Binance’s former CEO Zhao‘s character should not be judged solely on this incident and highlight his many positive aspects. However, it is important to remember that the final decision rests with the judge overseeing the case. Although prosecutors are seeking a 36-month sentence, the exact penalty will be seen on April 30.
