Zhao Changpeng's full apology letter: Taking full responsibility, proud to live out the rest of my life

Binance founder Zhao Changpeng, also known as CZ, previously pleaded guilty to charges of violating anti-money laundering laws with the U.S. Department of Justice. He is expected to be sentenced on April 30th in the United States. Recently, U.S. prosecutors have advocated for a maximum of 36 months imprisonment for CZ, which is double the upper limit under federal sentencing guidelines. Zhao Changpeng has responded to these developments.

U.S. Prosecutors Seek 3-Year Prison Sentence for Zhao Changpeng

U.S. prosecutors recently argued in the Western District of Washington federal court that CZ should be sentenced to 36 months in prison.

CZ, in turn, submitted a letter of apology to Judge Richard Jones, seeking leniency in sentencing.

U.S. Prosecutors Seek 3-Year Prison Sentence for Zhao Changpeng, Double the Upper Limit of Federal Sentencing Guidelines

Full Text of Zhao Changpeng's Apology Letter

Below is the full text of CZ's apology letter, document link here.

While I know I will have the opportunity to speak in court at the time of sentencing, I want to take this opportunity now to thank the court and the probation office for their time and consideration throughout this process. Probation Officers Whaley and Asbury-Baca have allowed me to speak candidly and let the court see me for who I am - the full me. I am grateful for that. I also thank the court, I have the utmost respect for it, and appreciate the thorough consideration of my case.

I apologize for my poor decisions and take full responsibility for my actions. Looking back, I should have focused on the compliance changes at Binance from the start, but I did not. It was my mistake not to establish the necessary compliance measures to regulate Binance, and I have no excuse for that. I hope to change this part of Binance's history. Under my leadership, Binance has implemented the strictest anti-money laundering measures among all non-U.S. exchanges since 2022.

It is hard to describe how fast Binance grew and how chaotic it was to maintain Binance's operations during those unexpected, extremely explosive growth years. But in the end, we built a great product that safeguarded the security of all users and their funds in every crisis moment.

I also apologize to all those I have disappointed: my family, friends, Binance employees, and the entire cryptocurrency community. While the hundreds of letters of support have given me some comfort, these letters, whether written on my behalf or to me, also remind me of the magnitude of this moment: my life has changed in many ways. I am no longer the CEO of Binance. It is hard to describe my dedication to Binance, improving it to be a safe platform, providing financial services to hundreds of millions of users globally. I thought I would continue doing this for decades. That life is no longer available to me. It was hard to accept at first, but I have accepted it. I look forward to making a positive impact in other areas in the future.

Looking ahead, I have spent some time reflecting on the past. My path has not been traditional: I grew up in an immigrant family where both parents earned close to minimum wage. I have been working every day since I was 14, maintaining a simple lifestyle, and put myself through college without student loans. During college, I fell in love with technology and had tried to start several failed startups before Binance. When those companies failed, I always returned investors' money in full, allowing everyone to recoup their principal. I would tell myself, "Let me try again."

I do not like leaving issues unresolved. That is why I voluntarily surrendered and took responsibility in this case - because I wanted to resolve this issue in court and start afresh. I want to correct my mistakes, turn the page, and open the next chapter of my life.

I was initially interested in cryptocurrency because it offers inclusive and equal opportunities for people worldwide. Looking ahead, I also see many opportunities in the field of biotechnology. Specifically, I feel that too much medical research is profit-driven. Large pharmaceutical companies have their quarterly earnings reports, which lead them to slightly prioritize profit, such as developing drugs that people will need to take forever. I hope to help fund small research labs to permanently cure diseases and provide medical services to billions of people globally using blockchain technology. I also want to fund health issues that are too costly to research and lack financial appeal for major pharmaceutical companies - although these issues still have a devastating impact on the health of a few unfortunate patients. In recent months, I have had discussions with many biotech startups in the field and hope to make this a focal point of the next chapter of my life.

Another area where I will continue to dedicate time and energy is helping young people, which has always been a priority for me during my time as CEO of Binance. From educational projects in Africa to improving the quality of life for disadvantaged youth in Southeast Asia, to university projects in Europe, I plan to invest most of my time and resources in this area, expanding projects as much as possible in more places, not limited to the examples above.

Words cannot describe how much I regret the choices that led me to stand before the court. Rest assured, this situation will never happen again. Please accept my assurance that this will be my only interaction with the criminal justice system, and I will spend the rest of my life in a way that makes everyone proud.