Despite receiving a prison sentence for violating US law at Binance, the world’s largest digital asset exchange, Changpeng Zhao, the founder and former CEO of the company, remains committed to investing in crypto. In a statement on the social media platform X, Zhao expresses his gratitude for the support he has received and outlines his plans for the future.
“I want to thank everyone for their care and support, whether it’s through letters, messages on X, or any other form. Your support means a lot to me and gives me strength. I will serve my time, close this chapter, and focus on the next phase of my life, which will be centered around education.”
Zhao also maintains a positive outlook on the crypto industry and states that he will continue to hold crypto assets. He emphasizes the importance of compliance in the industry’s new phase.
“I will remain a passive investor and holder of crypto. Compliance is extremely important. One positive outcome of this process is that Binance has undergone scrutiny, and our funds are secure.”
In November, Zhao resigned as CEO of Binance after pleading guilty, alongside his company, to violating US anti-money laundering laws. Although Zhao’s lawyers requested probation, citing his acceptance of responsibility and the $50 million criminal fine already imposed, prosecutors pushed for a three-year prison sentence to reflect the seriousness of his actions.
US District Judge Richard Jones ultimately sentenced Zhao to four months in prison, noting that Zhao had the resources and capabilities to comply with regulations but failed to do so.
The Daily Hodl is a platform that provides news and insights about Bitcoin, cryptocurrency, and digital assets. The opinions expressed in their articles are not investment advice, and readers are advised to conduct their own research before making any high-risk investments. The platform also participates in affiliate marketing.
