Binance’s CZ could stay in prison until 2027, wife begs for mercy

abdelaziz Fathi

Changpeng “CZ” Zhao, the founder and former CEO of Binance, has apologized for his decisions and accepted “full responsibility” in a letter to U.S. District Judge Richard A. Jones.

Scheduled for sentencing on April 30, Zhao faces legal consequences following a settlement with the U.S. Department of Justice (DOJ) in November 2023. Although he agreed to a maximum 18-month sentence, the DOJ is now seeking a 36-month sentence.

In his letter, Zhao admitted that he should have put better compliance measures in place at Binance, stating, “There is no excuse for my failure,” and assured this would be his only “encounter with the criminal justice system.” He also shared plans to support biotech startups and youth initiatives moving forward.

Zhao’s request for leniency is supported by 161 letters, including from family, friends, and colleagues. His sister, Jessica Zhao, highlighted his commitment to doing good, even during the FTX crisis, ensuring Binance safeguarded customer funds.

Further support came from He Yi, Binance co-founder and mother of Zhao’s three children, who defended Zhao’s navigation of the complex and under-regulated cryptocurrency landscape. Zhao’s wife, Yang Weiqing, mentioned that he’s given millions to help disaster victims in Japan. Plus, Zhao’s kids and Tigran Gambaryan, who heads Financial Crime Compliance at Binance, shared some personal stories and praised “his integrity and global impact.”

Additional letters of support came from notable figures such as Binance’s Head of Financial Crime Compliance, Tigran Gambaryan, former U.S. Ambassador to China, Max S. Baucus, and academics from prominent universities, all attesting to Zhao’s integrity and impact.

DoJ argued that Zhao’s leadership at Binance involved a “Wild West” approach, ignoring U.S. anti-money-laundering regulations, which enriched him and elevated his status in the cryptocurrency world. The harsher sentence is seen as a measure to deter similar violations by others in the industry.

Zhao, under whose leadership Binance became the world’s largest crypto exchange by volume, resigned in November 2023 after pleading guilty to U.S. money laundering and sanctions violations. As part of a settlement, Binance was ordered to pay $4.3 billion in penalties and exit the U.S. market, while Zhao was fined $50 million and banned from any involvement with Binance for three years.

Read this next

blockdag

Top Crypto Millionaire Picks: ETH, SOL, BLP

The market is buzzing with the arrival of a new bull run, and savvy investors are closely watching certain cryptocurrencies that show promise for substantial returns.

blockdag

Influencer Examines BlockDAG Advances as Presale Hits $27.7M Amid Updates on Solana Transaction Fees and Injective (INJ) Price

Discover what famous YouTube influencer CryptoDexWorld has to say about BlockDAG’s presale performance and mining capabilities. More on Solana Transaction Fees and Injective (INJ) Price Updates.

blockdag

Discover the Best Altcoins to Buy: Exploring Near Protocol, Cardano, and BlockDAG’s 30,000x Potential

Explore top altcoins like Near Protocol, and Cardano, and discover BlockDAG’s massive potential. Join us!

blockdag

Crypto Influencer Crypto Rick Endorses BlockDAG Amid $27.7M Presale Success; TRON Price & BCH See Surge

Crypto Rick endorses BlockDAG, boosting its $27.7M presale amid TRON and Bitcoin Cash surges. Explore why BlockDAG is a top crypto investment.

blockdag

These Altcoins Have The Potential To Make You a Millionaire in 2024

The crypto market is witnessing a surge, and certain alternate coins are catching attention for their rapid growth.

Digital Assets

Point72 invests $77.5 million in Bitcoin, Morgan Stanley holds $269.9 million

Point72, the $34 billion hedge fund owned by billionaire and New York Mets owner Steven Cohen, held $77.5 million in the Fidelity Wise Origin Bitcoin Fund (FBTC) at the end of the first quarter, according to a recent filing.

Digital Assets

Binance claims Nigerian officials sought $150 million bribe

A Nigerian court has ruled that Tigran Gambaryan, a Binance executive detained on charges of tax evasion and money laundering, can stand trial on behalf of the world’s largest cryptocurrency exchange.

Digital Assets

Kraken reviews Tether listing in Europe ahead of MiCA adoption

Cryptocurrency exchange Kraken is “actively reviewing” whether to delist the stablecoin Tether (USDT) from its European platform, according to a report by Bloomberg.

blockdag

Discover How MoonBag Coin Presale Stacks Up Against Dogecoin & Litecoin

Discover how the MoonBag Coin presale compares to Dogecoin and Litecoin, with unique features, a robust presale structure, and new opportunities in 2024.

<