Binance’s co-founder and former CEO, Changpeng ‘CZ’ Zhao, recently submitted a letter of apology to the court on April 24. In the letter, Zhao expressed regret for his poor decisions and accepted full responsibility for his actions. He acknowledged that he should have implemented compliance changes at Binance earlier on and highlighted the stringent controls that were eventually put in place under his leadership.
Zhao emphasized that he voluntarily surrendered and took responsibility for the current case, hoping to resolve the matter before the court so he can have a second chance. He vowed that such incidents would not happen again and assured that it would be his only encounter with the criminal justice system. Zhao also outlined his unconventional career path, his commitment to returning investor money after failed startups, and his altruistic goals of funding small biotech labs and youth-related causes.
Several individuals, including family, friends, Binance employees, volunteers, and users, as well as industry and government officials, wrote letters of support for Zhao. His wife and Binance co-founder, Yi He, acknowledged mistakes made at Binance but praised Zhao’s fairness, integrity, and sense of responsibility. She cited an incident where Zhao improved Binance’s privacy measures following a failed rescue attempt of FTX in 2022. The collection of letters also included submissions from prominent figures in the industry such as Samson Mow, Val Vavilov, and Richmond Teo, portraying Zhao as a dedicated CEO committed to his work and family.
The letters collectively described Zhao as honest, hard-working, modest, and disciplined. While some letters did ask for a lenient sentence, Zhao did not explicitly request a reduced sentence in his own letter of apology. Despite the US Department of Justice seeking a 36-month prison sentence and $50 million in fines against Zhao, his sentencing is scheduled for April 30.
Changpeng Zhao’s submission of a letter of apology reflects his acknowledgment of past mistakes, his desire for redemption, and the support he has garnered from various individuals in the industry. The upcoming sentencing will determine the next steps for Zhao as he looks to move forward from this incident and continue his work in the crypto space.