Former Binance CEO Changpeng Zhao Plea for Leniency Ahead of Sentencing
The former chief executive of Binance, Changpeng “CZ” Zhao, has shown remorse for breaching the federal regulation and money laundering law. In an April 24 report, the former Binance boss apologized for making poor decisions during his tenure at Binance. The letter was shared with Judge Richard Jone of the Western District Court of Washington.
The executive was accountable for his contribution in the violation of law and apologized for his action at the controversial crypto exchange. He regretted to have failed to ensure compliance with the existing regulations while he was leading the Binance team.
Binance Ex-Official Apologies for His Action
The disgraced crypto investor added that failure to implement adequate compliance measures was not an excuse. Zhao lamented that if he could have changed the compliance control by that time, Binance could remain afloat.
However, with the ongoing legal action facing Binance, the executive admitted that the crypto exchange had implemented stricter anti-money laundering measures to operate compliantly.
Also, Zhao extended his apology to his family, friends, crypto community, and employees for his wrongdoing. Despite the legal charges over 116 letters have been filed to support the former Binance executive.
The Zhao supporters include the co-founder of Binance Yi He, founder of Bitfury Val Vavilov, and former US senator Max Baucus, among others. Since his arrest, Zhao’s family member, including his children’s ex-wife, Yang Weiqing, and mother, have extended their support to troubled crypto investor.
Former Binance Boss Facing Legal Charges
In his letter, Zhao admitted that he could not express his regrets in words. He vowed not to repeat the same mistakes. The Binance executive assured the community not to repeat the same mistake and pledged to change his ways.
He plans to engage in activities that will improve people’s quality of life. A few weeks ago, he pledged to finance research labs at their early growth stage to develop medicine and control the spread of diseases.
Also, the crypto investor intends to fund education programs that will equip young adults with the necessary skills and knowledge. Driven by the desire to raise a literate generation, Zhao launched Giggle Academy, which offers free education programs to the less privileged.
The newly launched education program will be a gamified and adaptive platform for all. Zhao’s plea for leniency came the day before his sentencing.
In a recent report, the US Department of Justice (DOJ) claimed that Zhao should receive a three-year imprisonment for supporting Binance to violate the federal sanction. The prosecutors claimed that Zhao’s action in Binance was willing and was not by accident.
DOJ Seeking for Changpeng Zhao Imprisonment
The DOJ accused Zhao of supporting the violation of law to attract a large audience to the platform. The prosecitors described Zhao’s action as driven by a desire to build the company and acquire measurable wealth.
The DOJ prosecutor argued that the court should consider imposing 36 months imprisonment on Zhao. In response to the DOJ, the defense team urged that the court sentence him to probation since he has shown remorse for his actions.
Also, the defense lawyers argued that having paid the court fine and shown his “extraordinary acceptance of his responsibility,” the client should not serve jail imprisonment.
In November last year, Zhao was found guilty of violating the Bank Secrecy Act. The court ordered the executive to settle a $50 million court fine and serve a 36-month imprisonment.
The troubled crypto investors were requested to settle one of the largest corporate settlements of $4.3 billion for violating the law. Besides the hefty fine and the sentencing, Zhao was restricted from traveling to his home country in Dubai.
The court has scheduled April 30 for his sentencing. The upcoming court ruling has elicited debates among the crypto community. A statement from Robert Palmquist revealed that Zhao proposed imprisonment will expose him to mental health conditions. Citing his financial status, the ex-warden argued that Zhao would be subjected to theft and extortion in jail.
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