Binance founder Zhao Changpeng (CZ), who previously faced charges of money laundering and other crimes and pleaded guilty to the US Department of Justice, is expected to be sentenced by the US on April 30. Recently, US prosecutors have advocated a 36-month imprisonment for CZ, which is double the upper limit of the federal sentencing guidelines. Zhao Changpeng has also responded to this.
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US Prosecutors Seek Three-Year Imprisonment for Zhao Changpeng
Full Text of Zhao Changpeng’s Apology Letter
US prosecutors recently argued in the Western District Court of Washington state that CZ should be sentenced to 36 months in prison.
CZ, on the other hand, submitted an apology letter to Judge Richard Jones, seeking leniency from the court.
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US Prosecutors Seek Three-Year Imprisonment for Zhao Changpeng, Double the Upper Limit of Federal Sentencing Guidelines
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Full Text of Zhao Changpeng’s Apology Letter
Below is the full text of CZ’s apology letter, with the document link provided.
“While I know I will have the opportunity to personally address the court during sentencing, I wanted to take this opportunity to express my gratitude to the court and the Probation Office for the time and thought they have given me throughout this process. Probation Officers Whaley and Asbury-Baca have allowed me to speak openly and honestly and to present the complete me to the court. I am grateful for that. I also appreciate the court, and I hold it in the highest regard, for the thorough consideration it has given to my case.
I apologize for my poor decisions and take full responsibility for my actions. In hindsight, I should have focused on the changes Binance needed to make in terms of compliance from the very beginning, but I did not. It was my fault not to establish necessary compliance measures to regulate Binance, and I have no excuse for that. I hope to change this part of Binance’s history, and under my leadership, Binance has implemented the strictest anti-money laundering controls among all non-US exchanges since 2022.
To describe how fast Binance has grown and how chaotic it has been to maintain Binance’s operations during those years of unexpected, explosive growth is truly indescribable. But in the end, we built a great product that secured the safety of all users and their funds in every moment of crisis.
I also apologize to all those whom I have disappointed: my family, friends, Binance employees, and the entire cryptocurrency community. Although the hundreds of supportive letters I have received have brought me some comfort, reminding me that they were not written on behalf of me or influenced by me, they have also reminded me of the significance of this moment: my life has changed in many ways. I am no longer the CEO of Binance, and it is hard to describe the level of dedication I had for Binance, the improvement I wanted to make, and the goal of making it a safe platform providing financial services to hundreds of millions of users globally. I thought I would continue doing this for decades. That life no longer exists for me. It was hard to accept at first, but I have accepted it. I look forward to making a positive impact in other areas in the future.
Looking ahead, I have taken some time to reflect on the past. My path has not been traditional: I grew up in an immigrant family, with both parents making incomes close to the minimum wage. I have been working every day since I was 14 and maintained a simple lifestyle, being able to put myself through college without student loans. During college, I fell in love with technology and attempted to start several failed entrepreneurial ventures before Binance. Whenever those companies failed, I always returned the investors’ money, ensuring that everyone got their full principal back. I would tell myself, ‘Let me try again.’
I also don’t like leaving things unresolved. It is because of this that I voluntarily surrendered and took responsibility in this case – because I wanted to resolve this matter in court and start anew. I want to correct my mistakes, turn the page, and open the next chapter of my life.
I was initially interested in cryptocurrency because it provides inclusive and equal opportunities for people all over the world. Looking ahead, I also see many opportunities in the field of biotechnology. Specifically, I feel that too much medical research is profit-driven. Large pharmaceutical companies have their quarterly earnings reports, which lead them to slightly prioritize profits, such as developing drugs that people will need to take forever. I hope to help fund small research labs to find permanent cures and utilize blockchain technology to provide healthcare services to billions of people worldwide. I also want to fund health issues that are too costly to develop for major pharmaceutical companies and lack financial incentives – even though these issues still have a devastating impact on the health of a few unfortunate patients. In the past few months, I have had conversations with many biotech startups in that field and hope to make it a focus area in the next chapter of my life.
Another area where I will continue to dedicate my time and energy is helping young people, which has always been a priority for me during my tenure as CEO of Binance. From education programs in Africa to improving the lives of underprivileged youth in Southeast Asia and university projects in Europe, I intend to devote most of my time and resources to this area and expand projects to as many places as possible, not limited to the examples mentioned above.
Words cannot describe how much I regret the choices that led me to stand before the court today. Rest assured, this will never happen again. Please accept my assurance that this will be my one and only interaction with the criminal justice system, and I will spend the rest of my life in a way that makes everyone proud.
CZ
Binance
Further reading
He Yi’s Letter of Support: If the cryptocurrency industry is the Wild West, Zhao Changpeng is its guardian of the wilderness.
US Prosecutors Seek Three-Year Imprisonment for Zhao Changpeng, Double the Upper Limit of Federal Sentencing Guidelines.