Binance Co-Founder CZ Zhao Submits Letter of Apology Ahead of Sentencing

Binance’s co-founder and former CEO, Changpeng ‘CZ’ Zhao, has submitted a heartfelt letter of apology to the court ahead of his upcoming sentencing date. In the letter, Zhao expressed deep regret for his past actions and took full responsibility for his poor decisions.

Zhao admitted that he should have implemented compliance changes at Binance earlier on, but emphasized that the exchange eventually introduced strict controls under his leadership. He voluntarily surrendered and accepted responsibility in the current case, hoping for a second chance to make things right.

The letter of apology was accompanied by dozens of letters of support from family, friends, Binance employees, volunteers, users, industry officials, and government officials. Zhao’s wife and Binance co-founder, Yi He, acknowledged mistakes at Binance but praised Zhao’s fairness, integrity, and sense of responsibility.

The letters painted a picture of Zhao as a dedicated CEO committed to Binance and his family, living a modest life. Industry leaders such as Samson Mow, Val Vavilov, and Richmond Teo also vouched for Zhao’s character, describing him as honest, hard-working, modest, and disciplined.

While some letters requested a lenient sentence, Zhao did not explicitly ask for a reduced sentence in his own letter. The US Department of Justice is seeking a 36-month prison sentence and $50 million in fines against Zhao, with his sentencing scheduled for April 30.

Despite the challenges he faces, Zhao remains hopeful for a second chance to contribute positively to society, expressing a desire to fund small biotech labs and youth-related causes in the future. His letter of apology and the outpouring of support from those around him highlight the complexity of his character and the impact of his actions on those closest to him.