Former Binance CEO Apologizes for “Poor Decisions” in Letter to Judge
In a heartfelt letter addressed to U.S. District Judge Richard A. Jones, Changpeng Zhao, the former CEO of Binance, expressed remorse for his actions and accepted full responsibility for enabling the exchange to violate federal sanctions and money laundering laws. The letter, filed on Tuesday, comes as Zhao awaits sentencing for his role in the legal debacle.
Expressing gratitude to the court and probation officers for their time and consideration, Zhao acknowledged his failure to establish necessary compliance controls at Binance. He expressed a desire to change that part of the company’s story and apologized to his family, friends, Binance employees, and the larger crypto community for letting them down.
Reflecting on his unconventional path, growing up in an immigrant family and starting work at the age of 14, Zhao described the chaotic growth of Binance in its early years. Despite the challenges, he emphasized that under his direction, Binance has now implemented stringent anti-money laundering controls.
Looking ahead, Zhao shared his plans to explore opportunities in biotech, funding research labs aimed at curing diseases using blockchain technology. He also expressed a commitment to continue supporting underprivileged youth through education programs in Africa.
As Zhao navigates this difficult chapter, he remains hopeful for the future and determined to make amends for his mistakes. His letter serves as a candid reflection on his journey and a testament to his willingness to learn and grow from his experiences.
