Former Binance CEO “CZ” Issues Apology Ahead of Sentencing

• CZ has written an apology letter to a U.S. judge.
• The former Binance chief expressed remorse for his failures.
• The apology comes as CZ awaits sentencing.

Binance founder and former CEO Changpeng Zhao (CZ) has apologized for his “poor decisions” in a detailed letter to the judge overseeing his trial in the U.S.

The apology comes as CZ’s much-awaited sentencing over anti-money laundering and sanctions violations is due on April 30. The crypto mogul was set to be sentenced in late February, but the hearing was postponed after a mutual agreement.

CZ Pens a Hearty Apology

In the letter addressed to U.S. Judge Richard A. Jones for the Western District of Washington, Changpeng Zhao apologized for making poor decisions, noting that there was no excuse for his failure to establish the necessary compliance controls at Binance

“I apologize for my poor decisions and accept full responsibility for my actions.” CZ wrote. In hindsight, I should have focused on implementing compliance changes at Binance from the get-go, and I did not.”

Assuring the judge that this would be his only “encounter with the criminal justice system,” CZ expressed certainty that Binance now has the most stringent anti-money laundering (AML) controls of any non-US exchange.

The crypto mogul further apologized to his friends, family, and former colleagues at Binance, noting that he took comfort from the support letters they sent to the judge on his behalf asking for the court’s leniency.

In total, 161 letters were filed by notable persons supporting CZ, including Max Baucus, former U.S. Senator and Ambassador to China; Dovey Wan, Founding Partner of Primitive Ventures; and Yi He, co-founder of Binance.

Read about CZ’s possible sentence per the DOJ:
U.S. DOJ Asks Changpeng Zhao (CZ) to Be Jailed for 3 Years

Stay updated on how a Binance exec evaded a Nigerian case:
Binance Exec Evades Nigerian Tax Case After Fiery Hearing