In a letter to the judge in his case, Changpeng Zhao apologized for his poor decisions in managing Binance. Facing a potential 36-month prison sentence, the former Binance CEO appealed for clemency from the judge, assuring that he would never have to face the law again, and praising his philanthropic activities. In addition to CZ’s letter, 161 letters from those close to him have also been sent to the judge, asking for leniency in CZ’s sentencing, expected on April 30.
CZ mea culpa
The former CEO of Binance has once again spoken out on his case against the US Department of Justice. In a letter addressed to the judge Richard A. Jones, Changpeng Zhao acknowledged his mistakes in regulatory and legal troubles encountered by him and his exchange Binance. For this purpose, CZ says he regrets his past wrongdoings and takes full responsibility for them.
There is no excuse for my failure to establish the necessary compliance controls at Binance. I wish I could change this part of Binance’s history.
CZ
In addition to admitting his wrongdoing, the Binance co-founder has apologized to the crypto community and those close to him. Although he appreciates the support he receives, CZ notes that his life was profoundly changed by his bad decisions. The man who saw himself as CEO of Binance in the coming decades saw its dreams shattered when American authorities demanded his resignation from the management of the exchange.
A letter calling for the judge’s clemency about the 36-month prison sentence
While the U.S. Department of Justice has requested 36 months in prison against him, Changpeng Zhao is seeking clemency from the judge who will determine his sentence on April 30, 2024. In his letter, the former CEO of Binance recalls his painful past and praises his qualities of hard work and honesty. Changpeng Zhao points out that he comes from a poor immigrant family. As a result, he had to work from the age of 14 to support himself. In addition, the former CEO of Binance says he launched several startups before Binance. Although these startups went bankrupt, CZ claims to have returned the investors’ money.
In his letter, Changpeng Zhao also put forward his philanthropic projects in order to obtain the judge’s clemency. No longer involved with Binance, CZ says it wants to concentrate on biotechnology. More specifically, it promises to fund small research laboratories with the aim of curing or eradicating neglected diseases of no interest to the big pharmaceutical companies. In addition, CZ says it also wants to devote itself to strengthening the education of children in disadvantaged parts of the world. He was surely referring to Giggle Academy an educational project he launched a month ago.
161 people close to CZ join him in asking the judge for clemency.
As CZ’s sentencing date approaches, more and more people ask the judge for clemency Richard A. Jones. In particular, the judge’s office received 161 letters requesting his clemency in the CZ affair. From friends, relatives and other acquaintances of CZ, these letters praise the human qualities of the former Binance CEO and call on the judge to take them into account in reaching his decision.
In their letter, Rachel and Ryan, the children of Changpeng Zhao and a student at American universities, described him as a supportive father. They asked the judge not to consider Changpeng Zhao only through this incident. For his part, Yang Weiqing wife of Changpeng Zhao emphasized her husband’s philanthropic spirit. In particular, she recalled the donation of tens of millions of yen to Japan’s disaster-stricken regions in 2018 when the exchange was no longer working there.
A noteworthy letter of support came from Tigran Gambaryan Head of Financial Crime Compliance at Binance. This former special agent of the U.S. Treasury Department is currently detained in Nigeria due to its involvement with Binance.
While acknowledging CZ’s previous missteps, I can attest that its integrity, business acumen and philanthropic actions have had a ripple effect, influencing not only Binance’s corporate philosophy, but also a positive impact on life on a global scale.
Tigran Gambaryan.
Letters of support for CZ have also come from diplomats, university professors, business leaders and others. Will this plea convince Judge Richard A. Jones? See you on April 30, 2024 on Coinpri for an update about CZ’s pending 36-month prison sentence.
I dream of a world where every citizen has total control over themselves, including their finances. I believe that Bitcoin is one of the tools that will achieve this revolution. Since 2019, I am learning about this cryptocurrency and spreading the word around.
