- May 1, 2024
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
Amidst the challenging circumstances of a prison sentence, Binance founder and former Chief Executive Officer (CEO) Changpeng CZ Zhao has taken to the X (formerly Twitter) platform to express his gratitude to those who supported him during these trying times.
Binance Founder Promises Resilience
On Tuesday, Binance founder Changpeng CZ Zhao was sentenced to 4 months in prison for not putting in place sufficient safeguards against money laundering. As a result, Zhao was charged with several counts of crimes such as money laundering and non-compliance with the Bank Secrecy Act, and the Financial Crimes Enforcement Network.
During these tough times, the Binance founder received noteworthy support from those who love him. Zhao acknowledged the several types of support he received, including messages and letters, as a way to show his appreciation. An overall of 161 letters of support were sent to Zhao from friends, family, leaders in the business, Binance volunteers, and some community members, among others.
“I would like to thank everyone for your care and support, be it writing letters, showing support on X, or in any other form,” he stated. According to the Binance founder, everyone who supported him was the reason he never gave up and they all meant so much to him. “I will do my time, conclude this phase, and focus on the next chapter of my life (education),” he added.
Furthermore, Zhao has underlined his promise to remain resilient by emphasizing his pledge to continue owning and making passive cryptocurrency investments. He then highlighted the significance of adhering to laws and guidelines in the cryptocurrency sector, noting that a new phase has emerged in the industry, and it is crucial to comply with these laws.
One bright spot Zhao considers throughout the case’s entire process is that Binance has been closely watched. Thus, he continues to advocate the crypto platform, affirming that users’ funds are safe and secured.
The Sentence Was Less Than Initial Request
It is worth noting that Zhao’s 4-month prison sentence was far from the 36 months the Department of Justice (DOJ) had requested, and it is only marginally worse than CZ’s counsel’s probation-only suggestion. The Justice Department had requested a 36-month term for Zhao, claiming that his legal violations were unprecedented in scope.
While prosecutors contended that the sentence ought to correspond with the seriousness of the offenses committed, Zhao’s defense attorneys countered that their client ought to merely get probation.
US Judge Richard Jones argued that the DOJ’s request exceeded the guidelines for punishment during the sentencing hearing. Rather, citing no evidence that the defendant was ever informed that Binance was assisting illicit operations, Jones sentenced CZ to four months in prison.
In November 2023, the Binance founder entered a guilty plea for the multiple allegations against him and resigned as CEO of the company. Meanwhile, he was fined $50 million, and Binance was forced to pay an astounding $4.3 billion in fines.
