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Binance Co-Founder CZ Zhao Submits Letter of Apology Before Sentencing
Binance’s co-founder and former CEO, Changpeng ‘CZ’ Zhao, submitted a letter of apology to the court on April 24. Zhao, who had previously pleaded guilty to criminal charges earlier in the year, expressed regret as he awaits his upcoming sentencing date.
In his letter, Zhao stated, “I apologize for my poor decisions and accept full responsibility.” He acknowledged that he should have implemented compliance changes at Binance sooner, highlighting that the exchange eventually adopted “stringent” controls under his leadership. Zhao also mentioned that he willingly surrendered and took responsibility in the current case, in the hopes of resolving the matter and moving forward.
Emphasizing that such an incident would not occur again, Zhao appealed for a second chance, underscoring his unconventional career path and commitment to rectifying mistakes. He shared his desire to support small biotech labs and youth-related causes, citing the inclusive and equal opportunity nature of the crypto sector as his motivation.
Letters of Support
Several individuals, including family members, friends, Binance employees, volunteers, users, as well as industry and government officials, penned letters of support for Zhao. Binance co-founder and Zhao’s wife, Yi He, acknowledged past errors at Binance but praised Zhao’s fairness, integrity, and sense of responsibility.
He noted the incident involving FTX in 2022 as a turning point that prompted Zhao to enhance Binance’s transparency and accountability measures. Various figures in the industry, such as Samson Mow, Val Vavilov, and Richmond Teo, submitted letters portraying Zhao as a dedicated CEO committed to both Binance and his family, leading a modest lifestyle characterized by honesty, hard work, modesty, and discipline.
While some letters advocated for a lenient sentence, Zhao himself did not explicitly request a reduced sentence in his letter of apology. The US Department of Justice is pursuing a 36-month prison term and $50 million in fines against Zhao, with his sentencing slated for April 30.
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