Approaching his sentencing, Binance co-founder Changpeng Zhao (CZ) penned an apology letter to Judge Richard A. Jones of the Western District of Washington. In this letter, CZ acknowledged taking full responsibility for any subpar choices he made during his time with Binance.
“I regret not setting up adequate compliance controls at Binance, and I cannot offer any justification for this oversight.”
CZ made it clear to the court that this would be his first and last interaction with the legal system regarding this case. According to Coinspeaker’s report, the US intends to impose a tougher penalty on CZ, consisting of a three-year prison term along with a $50 million fine. It’s important to mention that Zhao admitted guilt under an arrangement with the US government, giving up his right to challenge any sentence longer than 18 months.
Binance Team Supports CZ
Along with the apology letter, there were 161 heartfelt appeals from CZ’s loved ones asking for mercy from the judge.
He Yi, one of Binance’s co-founders, explains that CZ might encounter challenges in leading such a large company due to his lack of prior experience in this area. Additionally, it is important to note that as of now, the United States Congress has yet to establish clear regulations for cryptocurrencies.
“According to Yi, if we think of the cryptocurrency sector as a lawless frontier akin to the Wild West, then CZ serves as its protector. The US government is still undecided on how to control and classify this industry,” can be an alternative way of expressing the original statement.
Tigran Gambaryan, Binance’s Head of Financial Crime Compliance and a previous agent with the US Department of the Treasury, penned another letter endorsing the case while he is presently being held in Nigeria.
Although I recognize CZ’s past errors, I can vouch for his honesty, shrewd business acumen, and charitable deeds. These actions have set the tone not only for Binance’s corporate values but also made a difference in people’s lives around the world.
Several influential political figures from around the world endorsed the judge with letters of support. Among them were members of the UAE’s royal family, Max S. Baucus, former US Ambassador to China, Professor Jeremy R. Cooperstock of McGill University, Associate Professor Ronghui Gu at Columbia University, and Morgan Stanley Managing Director Sean Yang.
Market Picture
The impending sentencing of CZ signifies a fresh chapter in global cryptocurrency regulation. Additionally, this sector, now worth over $2 trillion, has drawn significant interest from large hedge funds, with BlackRock Inc (NYSE: BLK) taking the lead.
After relinquishing control over Binance by CZ, the forthcoming verdict is expected to exert limited influence on the BNB market. Currently, the BNB token is priced around $601, marking a rise of nearly 14% within the last week.
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2024-04-24 20:42