Changpeng Zhao Apologizes in Letter to Judge Ahead of Sentencing
Changpeng Zhao, the founder and former CEO of Binance, has made a heartfelt plea to the judge overseeing his case, expressing remorse for his actions and taking full responsibility for his mistakes. As the sentencing date approaches on April 30, the U.S. Department of Justice has requested a 36-month sentence for Zhao, despite his previous agreement to accept up to 18 months.
In a letter addressed to U.S. Judge Richard A. Jones of the Western District of Washington, Zhao admitted to his failure to implement necessary compliance controls at Binance and vowed to learn from this experience. He expressed his desire to focus on helping young people and biotech firms in the future, emphasizing that this would be his only brush with the criminal justice system.
Support for Zhao poured in from various sources, including 161 letters from friends, relatives, and supporters pleading for leniency. Jessica Zhao, a former managing director at Morgan Stanley and Zhao’s sister, highlighted her brother’s commitment to ethical practices, citing his efforts to ensure that Binance never misused client funds.
Fellow co-founder of Binance, He Yi, described Zhao as a protector in the cryptocurrency space, likening it to the Wild West where regulations are still evolving. Zhao’s wife, Yang Weiqing, and children, Rachel and Ryan, shared personal anecdotes showcasing his kindness and urged the judge to consider his character beyond this incident.
Tigran Gambaryan, Binance’s Head of Financial Crime Compliance, also vouched for Zhao’s integrity and philanthropic actions, despite his own legal troubles. Prominent figures such as Max S. Baucus, former U.S. ambassador to China, and members of the United Arab Emirates’ royal family sent letters of support, highlighting Zhao’s positive impact on the global community.
As the sentencing date draws near, Zhao’s letter and the outpouring of support from his loved ones and colleagues paint a complex picture of a man grappling with the consequences of his actions while striving to make amends and contribute positively to society. The case has garnered significant attention, underscoring the importance of accountability and redemption in the world of cryptocurrency.
