In a letter to US Judge Richard A. Jones of the Western District of Washington, Changpeng Zhao, also known as “CZ,” who previously led Binance, the cryptocurrency exchange, expressed regret and apologized for mistakes made during his time in charge.
On Tuesday, before being sentenced for allegations involving money laundering and violation of sanctions, a letter was placed in the records.
Former Binance CEO Apologizes For “Poor Decisions”
CZ started the letter by expressing appreciation to the court and the Probation Office for their patience and thoughtfulness during his legal proceedings. He recognized the significance of the probation officers in enabling him to express himself freely and comprehending him as an individual.
Changpeng Zhao acknowledged his role in the situation and apologized for not giving priority to putting in place compliance measures at Binance earlier. He felt remorseful for not setting up the required checks and balances.
Since 2022, Binance, under the leadership of its previous CEO, has taken the lead among non-US cryptocurrency exchanges in enforcing robust anti-money laundering measures.
CZ highlighted the swift expansion and the hurdles encountered in maintaining the platform stable during its initial stages, ultimately creating a robust product ensuring user safety and protection of their assets.
In addition, CZ expressed remorse to his loved ones, Binance team members, and the larger crypto world, recognizing the substantial repercussions of his behaviors.
Previously serving as CEO of Binance, the man acknowledged the major shifts in his personal circumstances. He conceded to relinquishing his role at Binance and came to terms with this new situation. Looking ahead, he expressed eagerness to leave a favorable mark in other domains.
Contemplating his non-traditional journey, CZ openly discussed his immigrant background and self-funded education. He brought up his past failed businesses and pledged to refund investors’ money. He admitted to making mistakes and voluntarily surrendered to address the issue before it reached the courts.
CZ’s Vision Beyond Binance
Moving forward, CZ voiced his excitement about cryptocurrencies’ ability to promote inclusivity and equal opportunities globally. He also shared his plans to delve into the biotech sector, with a focus on financing research laboratories to find cures for diseases and utilizing blockchain technology to ensure access to healthcare services.
CZ highlighted his dedication to supporting disadvantaged young people via diverse educational and living condition initiatives on a global scale.
The DOJ suggests that CZ, allegedly responsible for Binance’s deliberate breaking of US laws, deserves a three-year prison term. This illegal activity, according to the DOJ, significantly contributed to Binance’s overall business approach.
The Department of Justice asserted that Binance deliberately served American clients without complying with essential legal requirements, enabling potential money laundering activities.
According to the DOJ memo, CZ deliberately ignored U.S. laws for his own benefit, a move the prosecution characterized as a well-thought-out gamble not to get caught. They added that CZ believed the repercussions would be less severe than the nature of the offense he had committed.
At present, the value of BNB, the native token of the exchange, is at around $601 following a strong 14% rebound over the past week.
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2024-04-25 00:42