Changpeng ‘CZ’ Zhao, the co-founder and former CEO of Binance, recently submitted a heartfelt letter of apology to the court on April 24. This apology comes after Zhao pleaded guilty to criminal charges earlier this year, expressing deep regret in anticipation of his upcoming sentencing date. In his letter, Zhao took full responsibility for his actions, acknowledging his poor decisions and the need for compliance changes within Binance.
Zhao highlighted in his letter that Binance eventually implemented stringent controls under his leadership, but he admitted that these changes should have been introduced earlier. Despite this, he voluntarily surrendered and took responsibility in the current case, hoping for a second chance to make things right. He assured the court that such a situation would never occur again, emphasizing his commitment to rectifying his errors.
Alongside Zhao’s apology letter, numerous individuals came forward to provide letters of support, including family members, friends, Binance employees, volunteers, and users, as well as industry and government officials. Zhao’s wife and Binance co-founder, Yi He, acknowledged the mistakes made at Binance but praised Zhao’s fairness, integrity, and sense of responsibility. Others in the industry, such as JAN3 CEO, Samson Mow, Bitfury Group CEO, Val Vavilov, and Paxos Asia CEO, Richmond Teo, also vouched for Zhao’s character and dedication.
In his letter, Zhao detailed his unconventional career path, emphasizing his simple lifestyle and commitment to returning investor money after failed startups. He expressed a desire to support small biotech labs and youth-related causes, showcasing a philanthropic side as he sought a second chance. The letters collectively painted a picture of Zhao as a diligent and modest CEO dedicated to his work at Binance and his family.
While the US Department of Justice is seeking a 36-month prison sentence and a $50 million fine against Zhao, the court’s final decision is scheduled for April 30. Despite the severity of the proposed sentence, Zhao did not explicitly request a reduced penalty in his own letter, leaving the judgment in the hands of the court. However, the overwhelming support and testimonials from his peers suggest a man who is genuinely remorseful and committed to making amends. Ultimately, Zhao’s apology and the outpouring of support around him hint at a man seeking redemption and a chance to right his wrongs.
