Former Binance CEO Changpeng Zhao Pens Apology Letter to U.S. Judge
In a letter addressed to U.S. District Judge Richard A. Jones of the Western District of Washington, Changpeng Zhao, the former CEO of Binance apologized for his “poor decisions” and accepted full responsibility for his actions.
The letter, filed on Tuesday, comes as Zhao awaits sentencing for his role in enabling Binance to violate federal sanctions and money laundering laws.
Key points:
- Changpeng Zhao expresses gratitude to the court and probation officers for their time and consideration during the legal process.
- He acknowledges his failure to establish necessary compliance controls at Binance and wishes he could change that part of the company’s story.
- Zhao apologizes to his family, friends, Binance employees, and the larger crypto community for letting them down.
- He reflects on his unconventional path, growing up in an immigrant family and working since the age of 14.
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Zhao acknowledges that there is no excuse for his failure to establish the necessary compliance controls at Binance. He wishes he could change that part of the company’s story.
However, he notes that, under his direction, Binance has now implemented the most stringent anti-money laundering controls of any non-U.S. exchange.
Former Binance CEO describes his early years
Reflecting on the early years of Binance, Zhao describes the chaotic and unexpected exponential growth that made it difficult to keep the exchange afloat.
Zhao also apologizes to everyone he has let down, including his family, friends, Binance employees, and the larger crypto community. He acknowledges the heavy significance of this moment and how his life has changed in many ways.
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Zhao’s love for technology led him to try his hand at multiple failed startups before Binance. Zhao’s decision to voluntarily surrender and take responsibility in this case stems from his desire to resolve the issue before the court and to try again.
Moving forward, Zhao sees opportunities in biotech, particularly in funding small research labs aimed at curing diseases and providing medical access to billions worldwide using blockchain technologies. He also plans to continue spending time and resources on helping underprivileged youth through education programs in Africa.
