Binance founder CZ said “Thank you” to his supporters. Share your plans after prison
Binance founder Changpeng “CZ” Zhao expressed his gratitude to his supporters on Twitter. This came earlier in the day when CZ was sentenced to four months in prison by Judge Richard Jones in a massive show of leniency. CZ also shared his plans for life after prison, saying he will focus on his education.
Changpeng “CZ” Zhao expresses gratitude
“I’d like to thank everyone for their interest and support, whether it’s by writing a letter, showing support for X, or any other form,” Binance founder CZ said in a post. They all mean a lot to me and make me strong. I will do my best to complete this phase and focus on the next chapter of my life (education).”
He also said that he will continue to passively hold and invest in cryptocurrencies after his prison term. CZ also pointed out that this is a “new phase for the cryptocurrency industry” and that compliance with regulations and rules is important.
Also Read: Arkansas House Committee Drops Bill on Cryptocurrency Mining Regulations
Zhao’s short sentence
Judge Richard Jones showed leniency and sentenced Binance founder CZ to four months in prison.
Judge Richard Jones said prior to sentencing that he disagreed with the three-year term proposed by the U.S. DOJ, according to a live feed from the court. The presiding judge in the case said he generally agreed with the probation office’s proposed sentence of 10 to 16 months. To the dismay of DOJ prosecutors, he unexpectedly sentenced the defendant to four months in prison. This comes after CZ made clear there was no evidence it was aware of any illegal activity.
Changpeng “CZ” Zhao pleaded guilty more than five months ago to a single count of violating the Bank Secrecy Act. Binance had to pay a $4.3 billion settlement fee to the DOJ.
Binance founder CZ’s shortened sentence sparked outrage.
There has been a lot of reaction following Changpeng Zhao’s recent sentencing. One of the wealthiest individuals in the cryptocurrency industry received a low sentence, which outraged the public and sparked discussion about the fairness and appropriateness of the DOJ’s tech industry white-collar crime strategy. Zhao’s sentence has sparked debate about whether monetary fines and short prison sentences are enough of a disincentive for the wealthy, given Zhao’s estimated net worth of more than $40 billion.
Also Read: US DOJ Indicts Bitcoin Pioneer Roger Ver for Tax Evasion
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