This Was CZ’s Biggest Mistake, According to Binance Co-Founder He Yi
Binance founder and former CEO Changpeng Zhao (CZ) has publicly apologized for what he described as “poor decisions” and has taken “full responsibility” for his actions.
Meanwhile, Binance co-founder He Yi said that while he acknowledges that CZ may have made mistakes, his biggest one was ignorance.
CZ Issues Apology and Appeals for Second Chance
Following his November 2023 settlement of charges with the U.S. Department of Justice (DOJ), Changpeng Zhao (CZ) is scheduled for sentencing on April 30. The DOJ has requested a 36-month sentence despite CZ previously waiving his right to appeal any sentence up to 18 months.
In a letter addressed to Judge Richard A. Jones of the United States District Court for the Western District of Washington on April 24, Zhao acknowledged his past oversights. He recognized the necessity for implementing compliance changes at Binance sooner and highlighted the subsequent incorporation of stringent controls during his tenure.
CZ further emphasized his voluntary surrender and acceptance of responsibility in the ongoing case, expressing a desire to resolve matters before the court to pursue new opportunities.
The Binance co-founder then appealed for a second chance, recounting his unconventional career path of simplicity and integrity, including the return of investor funds after failed startup ventures. Additionally, he portrayed his involvement in crypto as driven by ideals of inclusivity and equal opportunity, aiming to support small biotech labs and youth-centric initiatives in the future.
Binance Co-founder Says CZ’s Mistake Was Ignorance
He Yi, Binance co-founder and mother of CZ’s three children, has characterized him as the guardian of the cryptocurrency industry, likening it to the Wild West. She stated that as a startup with no illustrious background, the founding team, including herself, lacked legal expertise, and most members, except CZ, could not read English.
Despite their limited experience and legal knowledge, CZ won over users with fairness, integrity, and a strong sense of responsibility for the industry, albeit while making mistakes. Nonetheless, both Binance and CZ have borne the consequences.
Meanwhile, the plea for leniency for Zhao includes mentions of his family members, such as his wife and two children attending U.S. institutions, along with his sister, a former Managing Director at Morgan Stanley.
Jessica Zhao, his sister, acknowledged CZ’s errors while noting his commitment to altruism. She highlighted the dispute with FTX and noted CZ’s dedication to maintaining Binance’s integrity by refraining from misusing customer funds.
Notably, Binance settled charges for U.S. anti-money-laundering and sanctions violations late last year, resulting in penalties amounting to $4.3 billion and the imposition of oversight from authorities.
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Filed under: Bitcoin - @ April 25, 2024 9:16 pm