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Binance Founder CZ Reacts to His Prison Sentence

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Wed, 1/05/2024 - 5:59
Binance Founder CZ Reacts to His Prison Sentence
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In a recent post on the X social media network, Binance CEO Changpeng Zhao expressed gratitude to those who supported him ahead of his sentencing. 

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Zhao received a total of 161 letters of support from family members, friends, business, government and community leaders, colleagues, employees, acquaintances, industry professionals, Binance volunteers as well as some community members. "They all mean a lot to me and keep me strong," CZ wrote in the social media post. 

As reported by U.Today, Zhao was sentenced to four months in prison on Apr. 30. His defense team argued that the controversial entrepreneur had to simply serve probation instead. However, the sentence was below the 36 months requested by the prosecutors. During a sentencing hearing, Judge Richard Jones noted that the DOJ's request was above existing sentencing guidelines. 

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Zhao, who has a net worth of roughly  $33 billion, is going to be the richest person ever to spend time in a US federal prison. While addressing the billionaire's status, Judge Jones stressed that no person was above the law.  

It is unclear when exactly the former Binance boss is going to turn himself in to prison. 

CZ's next chapter  

Zhao says that he will focus on education after doing his time. Despite stepping away from Binance, he claims that he will remain a passive investor in cryptocurrencies. 

At the same time, Zhao claims that the cryptocurrency industry has now entered "a new phase." "Compliance is super important," he added.

The fact that Binance has been "under a microscope" is a "silver lining," according to Zhao. He has stressed that the funds of Binance users remain safe. 

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