Binance Founder CZ Addresses the Community Following Recent Penalty Announcement

Binance Founder CZ Addresses the Community Following Recent Penalty Announcement

Binance Founder CZ Makes First Public Statement Following Court Sentence

Changpeng Zhao (CZ), the founder of Binance, the world’s largest cryptocurrency exchange, has issued his first public statement after receiving a prison sentence. The sentence comes as a result of an ongoing criminal case against CZ, which concluded yesterday. The court sentenced him to four months in prison, despite US prosecutors’ requests for a 36-month sentence.

Reduced Sentence and Community Support

In his statement, CZ thanked those who supported him throughout the legal process. Although the US prosecutors had sought a more extended prison term, the court opted for a lesser sentence, much to the relief of CZ’s supporters.

Here is what CZ had to say in his first public address following the court’s decision:

  • “I want to thank everyone for your care and support throughout this process, whether it’s writing a letter, showing support on X, or any other way. They all mean so much to me and keep me strong.”

New Focus: Education and Crypto’s Next Phase

Following his sentencing, CZ discussed his future plans, indicating a shift toward educational initiatives and a more passive role in the cryptocurrency industry. He mentioned his project, Giggle Academy, which is designed to promote education and knowledge sharing.

  • “Funds SAFU!” CZ said, emphasizing his commitment to ensuring the safety and security of investors’ funds.
  • “I will remain a passive investor (and owner) in crypto. Our industry has entered a new phase. Compliance is key.”

Despite stepping back from a direct leadership role, CZ noted that he will continue to be an owner and investor in the cryptocurrency space. He underscored the importance of compliance and acknowledged that Binance’s prominent position in the industry ensures ongoing scrutiny.

The Case’s Background and Penalty Details

To recap, Binance and its former CEO CZ pleaded guilty to charges of anti-money laundering and violating US sanctions as part of an agreement with the US government. This landmark corporate agreement led to Binance paying a record-setting penalty of $4.3 billion. Additionally, CZ resigned as Binance’s CEO and agreed to pay a personal fine of $50 million.

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