Binance Founder CZ Apologizes for “Poor Decisions” and Appeals for Second Chance

Binance founder and former CEO Changpeng Zhao (CZ) has made a public apology for what he described as “poor decisions” and has taken full responsibility for his actions. This comes after a settlement with the U.S. Department of Justice (DOJ) in November 2023, with sentencing scheduled for April 30.

In a letter addressed to Judge Richard A. Jones, Zhao acknowledged his past oversights and the need for compliance changes at Binance. He emphasized his voluntary surrender and acceptance of responsibility in the ongoing case, expressing a desire to resolve matters before the court to pursue new opportunities.

Meanwhile, Binance co-founder He Yi acknowledged that CZ may have made mistakes but attributed them to ignorance. She highlighted the challenges faced by the founding team, including a lack of legal expertise and language barriers. Despite this, she praised CZ for his fairness, integrity, and sense of responsibility for the industry.

The plea for leniency for Zhao includes mentions of his family members, such as his wife and children attending U.S. institutions, and his sister, a former Managing Director at Morgan Stanley. Jessica Zhao, his sister, acknowledged CZ’s errors while noting his commitment to altruism and integrity.

Binance settled charges for U.S. anti-money-laundering and sanctions violations last year, resulting in significant penalties and oversight from authorities. Despite the challenges faced, CZ and Binance are appealing for a second chance and emphasizing their dedication to maintaining integrity in the industry.