Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Ex-Binance CEO CZ seeks forgiveness and a fresh start in pre-sentencing apology letter

Share This Post

Binance‘s co-founder and former CEO, Changpeng ‘CZ’ Zhao, submitted a letter of apology to the court on April 24.

Zhao, who pleaded guilty to criminal charges earlier this year, expressed regret in advance of his upcoming sentencing date. He wrote:

“I apologize for my poor decisions and accept full responsibility.”

CZ said he recognizes that he should have introduced compliance changes at Binance at an early stage, noting that the exchange had eventually introduced “stringent” controls under his leadership.

He emphasized that he “voluntarily surrendered and took responsibility” in the current case, hoping to resolve the matter before the court so he can “try again.”

CZ wrote::

“Rest assured that [this] will never happen again. Please accept my assurance that this will be my only encounter with the criminal justice system …”

Zhao supported his request for a second chance by describing an “unconventional” career path in which he lived a simple life and returned investor money after failed startups.

Zhao also presented an altruistic side, claiming that he became involved in crypto because the area offers “inclusiveness and equal opportunity.” Zhao said that he hopes to fund small biotech labs and youth-related causes.

Letters of support

Dozens of other individuals also wrote letters of support, including family, friends, Binance employees, volunteers, and users — as well as industry and government officials.

Binance co-founder Yi He — who is also CZ’s wife — acknowledged mistakes at Binance but praised Zhao’s “fairness, integrity, and a sense of responsibility.”

She also cited Binance’s failed attempt to rescue FTX in 2022 as an incident that led Zhao to improve Binance’s privacy by making the exchange’s own addresses transparent and adding other accountability features.

The collection of letters included submissions from JAN3 CEO and former Blockstream CSO Samson Mow, Bitfury Group CEO Val Vavilov, and Paxos Asia CEO Richmond Teo.

The letters collectively portray Zhao as a CEO committed to Binance and his family while living a modest life. Writers variously described Zhao as “honest,” “hard-working,” “modest,” and “disciplined.”

Only some of the letters explicitly asked for a lenient sentence, and Zhao did not ask outright for a reduced sentence in his own letter. The US Department of Justice is seeking a 36-month prison sentence and $50 million in fines against Zhao.

CZ’s sentencing is scheduled for April 30.

The post Ex-Binance CEO CZ seeks forgiveness and a fresh start in pre-sentencing apology letter appeared first on CryptoSlate.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Ethereum on the Verge of Crash, $1,000 Calling?

The post Ethereum on the Verge of Crash, $1,000 Calling appeared first on Coinpedia Fintech News In the ongoing tariff war between the United States and other countries, the cryptocurrency market has

Janover stock soars 300% as former Kraken execs push for pivot to Solana-centered strategy

Janover Inc, a real estate data platform, is undergoing a significant transformation after a group of former Kraken executives acquired a controlling stake According to an April 7 statement, the

SEC Issues Clarified Stance on Stablecoin Regulation

The official “Statement on Stablecoins” was issued by the SEC’s Division of Corporation Finance on Friday as “part of an effort to provide greater clarity on the application of the federal

Solana Back Above $100 as Bulls Gain Control—Will SOL Price Reclaim $110?

The post Solana Back Above $100 as Bulls Gain Control—Will SOL Price Reclaim $110 appeared first on Coinpedia Fintech News The Solana price is on the verge of rising over the bearish captivity

Red Alert For Solana: 21% Price Drop Raises Fears Of Further Collapse

Solana has taken a sharp nosedive, losing nearly 22% of its value and trading around $9809 This steep drop has sent shockwaves through the crypto community, sparking fears of an imminent larger

ZKasino scammer’s risky Ethereum trade backfires with $27M loss amid market turmoil

The alleged scammer behind the ZKasino rug pull has reportedly lost over $27 million in a high-risk Ethereum trade as crypto market turbulence continues to catch overleveraged traders On April 7,