CZ Zhao Changpeng: Thank you for your concern and support! After serving his sentence, he will focus on the next chapter of his life.

Changpeng Zhao (CZ), the founder of Binance Exchange, attended the sentencing hearing of the U.S. District Court in Seattle at midnight on May 1st, Beijing time (April 30th, U.S. time). After several hours of hearing, Judge Richard Jones finally sentenced him to four months in prison, which was far less than the Justice Department's previous request (prosecutors requested a 36-month sentence).

CZ spoke out for the first time after being sentenced

The exact date and place of imprisonment will be announced separately by the Bureau of Prisons and the Probation Office, and CZ was also at X at around 8:30 in the morning Post a message to express my gratitude for your support: I want to thank everyone for your concern and support, whether it is writing letters, expressing support on X, or any other form. These all mean a lot to me and keep me strong. I will serve my sentence, be done with this phase, and focus on the next chapter of my life (education). I will continue to be involved in cryptocurrencies as a passive investor (and holder). Our industry has entered a new phase. Complying with regulations is very important. The silver lining to this whole process is that Binance has come under intense scrutiny. And the funds are safe (SAFU). Protect users!

CZ’s statement in court

Basically, although the prosecutor repeatedly stated in court that in order to achieve a punitive effect and reflect the seriousness of the crime, it was recommended that the judge increase the sentencing; Judge Jones refused many times. In addition, he said that he had read 161 letters submitted by CZ's relatives and friends, and the evidence he saw was of a mitigating nature.

"I have never seen so many letters, not just from family, but from people who have known you for a long time. These letters paint a picture of a man driven by your drive, passion and drive Man...you risked all your assets to make Binance succeed.”

Of course, the judge also mentioned that CZ, as the CEO of Binance, needs to be responsible for failing to implement anti-money laundering procedures. This could have significant implications for money laundering activities, including drug dealing and terrorism.

When it was CZ’s turn to issue a statement, he confessed to the mistakes he had made in the past, saying that he had fully understood the importance of having a sound KYC/AML program, but he had tried to correct the problem and had Instructing Binance to cooperate with the U.S. government.

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