Changpeng Zhao’s Pre-Sentencing Apology and Plea for Leniency Supported by 161 Letters

Changpeng Zhao, the initiator of Binance and its erstwhile CEO, has publicly expressed remorse for his past misjudgments and has taken complete accountability for his conduct in a written communication to the judge presiding over his legal proceedings, submitted this past Tuesday.

Zhao’s sentencing is slated for April 30, following a settlement reached between him, Binance, and the U.S. Department of Justice (DOJ) in November of the previous year. Although Zhao had previously relinquished his right to contest any sentence not exceeding 18 months, the DOJ is currently advocating for a three-year incarceration period.

In his missive to Judge Richard A. Jones of the Western District of Washington, Zhao stated, “I offer no justification for my oversight in implementing essential regulatory measures at Binance,” and pledged that this instance would be his sole brush with the law.

Looking to the future, Zhao expressed his desire to contribute to biotechnological ventures and youth development. In addition to Zhao’s own plea for clemency, 161 letters from relatives, acquaintances, and others were also submitted in his support.

Jessica Zhao, Zhao’s sibling and a one-time Executive Director at Morgan Stanley, acknowledged her brother’s errors but emphasized his commitment to benevolence. She referenced the FTX debacle, highlighting Zhao’s diligence in safeguarding Binance’s client assets.

He Yi, co-creator of Binance and mother to Zhao’s trio of offspring, penned, “Should the realm of cryptocurrency be likened to untamed frontiers, then CZ stands as its steadfast sentinel.”

Yi continued, “With the U.S. still deliberating on the regulatory framework for this sector, it’s inevitable for a novice founder at the helm of such a vast enterprise to face unforeseen challenges.”

Yang Weiqing, Zhao’s spouse and co-parent to their two children, recalled Binance’s charitable gesture of donating a substantial sum to Japan’s regions affected by calamity in 2018, despite having exited the Japanese market shortly prior.

Zhao’s progeny, Rachel and Ryan, both scholars at American universities, shared personal accounts of their father’s supportive nature and implored the Judge to not let this solitary incident overshadow Zhao’s character.

A significant endorsement came from Tigran Gambaryan, head of Binance’s Financial Crime Compliance and a former U.S. Treasury special agent, who is currently detained in Nigeria due to a conflict involving Binance. His letter, dated January 1, 2024, was penned prior to his apprehension.

Gambaryan acknowledged Zhao’s earlier lapses but vouched for his uprightness, business acumen, and charitable endeavors, noting their widespread positive influence.

Additional endorsements were received from Max S. Baucus, ex-U.S. envoy to China; Jeremy R. Cooperstock, a professor at McGill University; Ronghui Gu, an associate professor at Columbia University; Sean Yang, a managing director at Morgan Stanley; and members of the United Arab Emirates’ governing dynasty.

Sentiment: Neutral