Former Binance CEO “CZ” Apologizes – NewsDug

Changpeng Zhao (CZ), the creator and ex-CEO of Binance, has issued an apology for his “inadequate choices” in a comprehensive letter addressed to the judge presiding over his case in the United States.

As the anticipated sentencing of CZ for violations related to anti-money laundering and sanctions approaches on April 30, he has expressed remorse. Originally scheduled for late February, the sentencing was delayed to a later date following a consensus.

Changpeng Zhao Apologizes

In a letter to Judge Richard A. Jones of the Western District of Washington, Changpeng Zhao, expressed regret for his unwise choices and acknowledged that he lacked a valid excuse for not implementing the required compliance measures at Binance.

CZ said: I apologize for my poor decisions and accept full responsibility for my actions. In hindsight, I should have focused on implementing compliance changes at Binance, but I did not. There is no excuse for my failure to establish the necessary compliance controls at Binance.”

CZ assured the court that his interaction with the criminal justice system would be a one-time event, stating confidently that Binance has implemented any non-US exchange’s most comprehensive anti-money laundering (AML) measures. He also apologized to his friends, family, and past coworkers at Binance, expressing gratitude for the support letters they wrote to the judge, pleading for leniency on his behalf.

161 letters from distinguished individuals were submitted in support of CZ; among them were Max Baucus, the former U.S. Senator and Ambassador to China; Dovey Wan, a Founding Partner at Primitive Ventures; and Yi He, a co-founder of Binance.