JAKARTA Changpeng Zhao (CZ), founder and former CEO of Binance, has shown his determination to remain in the crypto world despite being sentenced to prison for violating US law on the world's largest digital asset exchange.
Through social media platform X, Zhao greeted his followers and explained his plans after receiving a sentence on Tuesday, April 30, 2024.
I want to thank everyone for your attention and support, either by writing letters, showing support in X, or in other forms. All of that means a lot to me and keep me strong. I will live this time, finish this chapter, and focus on the next chapter of my life (education), "wrote Zhao.
Despite the difficult situation, Zhao remains steadfast in his confidence in the future of crypto. He stressed that he will continue to hold crypto assets and contribute to the industry.
I will remain a passive (and holder) investor in crypto. Our industry has entered a new phase. Compliance is very important, "said Zhao.
One positive thing about this whole process is that Binance has come under the attention of the microscope. And the funds are safe (SAFU)," he added.
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CZ's Resignation
In November last year, Zhao resigned from his post as CEO of Binance after he and his company pleaded guilty to violating US anti-money laundering law.
Zhao's lawyer requested leniency in the form of probation, arguing that his client had received responsibility and had been charged a criminal fine of $50 million (around Rp750 billion). However, the prosecutor demanded a three-year prison sentence for Canadian citizens, arguing it needed to reflect the magnitude of the offenses committed.
US District Judge Richard Jones finally sentenced Zhao to four months in prison. Jones considered that Zhao failed to follow the regulations despite having financial power, finance, and human resources' to do so, as reported by Reuters.
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