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Binance Founder CZ Bids “Thanks” to Supporters; Shares Post-Prison Plans – Crypto News

Published

1 year ago

May 1, 2024

Dripp

Binance founder CZ, or Changpeng “CZ” Zhao took to Twitter to express his thanks to his supporters. This came after earlier in the day CZ was handed a 4-month prison sentence by Judge Richard Jones in a massive leniency show. CZ also shared his plans for a life after prison term, stating that he will be focusing on education

Changpeng “CZ” Zhao Expresses Thankfulness

Binance founder CZ in a post wrote “I would like to thank everyone for your care and support, be it writing letters, showing support on X, or in any other form. They all mean a lot to me and keep me strong. I will do my time, conclude this phase, and focus on the next chapter of my life (education).”

He also said that after his prison term, he will continue to hold and invest in cryptocurrencies passively. CZ also indicated that this time is “a new stage for the crypto industry”, and it is crucial to comply with regulations and rules.

Zhao’s Shortened Sentence

Judge Richard Jones handed down a 4-month prison sentence to Binance founder CZ in a dramatic display of leniency.

Judge Richard Jones stated before to the sentencing that he disagrees with the US DOJ’s proposed three-year term, according to the court’s live feed. The case’s presiding judge stated that he generally agrees 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. This came after he made it clear that there is no proof that CZ was ever made aware of any unlawful activities.

Changpeng “CZ” Zhao entered a guilty plea to a single count of breaching the Bank Secrecy Act more than five months ago. Binance even had to pay the DOJ a settlement fee of $4.3 billion.

Binance Founder CZ’s Shortened Sentence Creates Outrage

Many responses followed the recent sentencing of Changpeng Zhao. One of the wealthiest individuals in the cryptocurrency space received a low sentence, which infuriated the public and spurred discussions about the fairness and suitability of the DOJ’s technology industry white-collar crime strategy. Zhao’s penalty has sparked debate about whether monetary fines and brief jail terms are sufficient disincentives for wealthy people, given that Zhao’s estimated net worth is over $40 billion.