- Binance CZ stresses compliance’s significance in crypto amid a four-month sentence.
- He expressed gratitude for community support, vowing to focus on education post-prison.
- Prominent figures laud CZ’s contributions to crypto innovation and entrepreneurship.
Former CEO of Binance Changpeng Zhao (CZ) has asserted that “compliance is super important” for the crypto industry after being sentenced to four months imprisonment. In his latest statement on X after his sentencing, Zhao expressed heartfelt gratitude to the crypto community for their care and support during his trying times.
He noted that those efforts have been pivotal in keeping him strong while he battled the U.S. authorities. “I will do my time, conclude this phase, and focus on the next chapter of my life,” CZ remarked.
Notably, on Tuesday, U.S. District Judge Richard Jones sentenced the Binance founder to four months in prison. This sentencing comes after CZ pleaded guilty to violating U.S. money-laundering laws with the Binance exchange.
Last November, Zhao admitted guilt to neglecting mandated AML protocols and resigned from his CEO position. On the other hand, Binance settled associated accusations by paying $4.3 billion.
Before the Tuesday court pronouncement, the prosecutor contended that Zhao willfully disregarded illegal transactions, thus seeking a prison term of over three years for him. However, the judge disagreed with their recommended sentence.
Following the court judgment, CZ took to X to emphasize that the industry has transitioned into a new phase. He highlighted that compliance is now super crucial for the industry to grow and mature. Also, CZ pointed out that a silver lining of the entire process is that it has put Binance under scrutiny, giving more assurance that “Funds are SAFU.”
Meanwhile, Zhao disclosed his intention to wrap up the challenging phase and shift his focus to education. Furthermore, he affirmed his commitment to remaining a passive crypto investor.
Prominent figures in the crypto space, like Ki Young Ju of CryptoQuant, expressed gratitude to CZ for his contributions to advancing the space and building entrepreneurs and innovators.
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