Changpeng Zhao Apologizes for Lack of Compliance in Letter to Court Ahead of Sentencing Hearing
Changpeng Zhao, the founder and former CEO of Binance, has issued a heartfelt apology for his lack of compliance changes at the cryptocurrency exchange in a letter to the court ahead of his sentencing hearing on April 30. Zhao expressed deep regret for his actions and took full responsibility for his poor decisions.
In the letter addressed to Judge Richard Jones, Zhao admitted that he should have prioritized implementing compliance measures at Binance from the beginning. He acknowledged his oversight and emphasized that Binance now has the most stringent anti-money laundering controls among non-U.S. exchanges, which have been in place since 2022.
The U.S. Department of Justice has recommended a three-year prison sentence for Zhao, citing his disregard for the law and the severity of the charges against him. Prosecutors argued that Zhao had underestimated the consequences of his actions and emphasized the importance of sending a strong message through his sentencing.
In response, Zhao’s legal team has requested probation for their client, highlighting his lack of criminal history and willingness to accept responsibility for his mistakes. They pointed out that previous defendants in similar cases involving the violation of the Bank Secrecy Act had not received prison sentences.
Despite the serious nature of the charges, Zhao has received overwhelming support from his loved ones, colleagues, and business partners. Over 160 letters of support have been submitted to the court, urging leniency in his sentencing. Binance co-founder He Yi, who is also the mother of Zhao’s children, emphasized his sense of responsibility and argued against equating him with violent criminals.
As the sentencing hearing approaches, the case of Changpeng Zhao continues to draw attention and spark discussions about accountability, compliance, and the consequences of financial misconduct in the cryptocurrency industry.
