Former Binance CEO Apologizes and Takes Responsibility in Letter to U.S. District Judge
Former Binance CEO Apologizes for “Poor Decisions” in Letter to Judge
In a heartfelt letter addressed to U.S. District Judge Richard A. Jones of the Western District of Washington, Changpeng Zhao, the former CEO of Binance, expressed remorse for his actions and accepted full responsibility for his role in enabling the exchange to violate federal sanctions and money laundering laws.
The letter, filed on Tuesday, comes as Zhao awaits sentencing for his involvement in the illegal activities. In the letter, Zhao expresses gratitude to the court and probation officers for their time and consideration during the legal process. He acknowledges his failure to establish necessary compliance controls at Binance and wishes he could change that part of the company’s story.
Zhao also apologizes to his family, friends, Binance employees, and the larger crypto community for letting them down. Reflecting on his unconventional path, growing up in an immigrant family and working since the age of 14, Zhao acknowledges that there is no excuse for his failure to establish the necessary compliance controls at Binance.
However, he notes that under his direction, Binance has now implemented the most stringent anti-money laundering controls of any non-U.S. exchange. Reflecting on the early years of Binance, Zhao describes the chaotic and unexpected exponential growth that made it difficult to keep the exchange afloat.
Despite the challenges, Zhao’s love for technology led him to try his hand at multiple failed startups before Binance. He voluntarily surrendered and took responsibility in this case to resolve the issue before the court and to move forward. Zhao sees opportunities in biotech, particularly in funding small research labs aimed at curing diseases and providing medical access to billions worldwide using blockchain technologies.
He also plans to continue spending time and resources on helping underprivileged youth through education programs in Africa. Vignesh Karunanidhi, a seasoned professional in the crypto space, has been writing for over 6 years and specializes in sharing the beauty of blockchain and crypto through various types of content. As the former Binance CEO takes responsibility for his actions, the crypto community awaits the outcome of his sentencing and looks towards a future of compliance and transparency in the industry.
