Former Binance CEO Changpeng Zhao Says He Will Remain Passive Holder of Crypto After Receiving Prison Sentence
Binance founder and former CEO Changpeng Zhao is undeterred from investing in crypto despite receiving a prison sentence for US law violations at the world’s largest digital asset exchange.
In a statement on social media platform X, Zhao tells his followers what his plans are following his sentencing on Tuesday.
“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).”
Zhao also maintains a positive stance on crypto, saying he will continue to hold crypto assets.
“I will remain a passive investor (and holder) in crypto. Our industry has entered a new phase. Compliance is super important.
A silver lining of this whole process is that Binance has been under the microscope. And funds are SAFU.”
In November, Zhao stepped down as CEO of Binance after he and his firm pleaded guilty to breaking U.S. anti-money laundering laws.
Zhao’s lawyers requested probation, citing that their client accepted responsibility and is already subject to a $50 million criminal fine, but prosecutors wanted the Canadian national to serve three years in prison to reflect the magnitude of his acts.
U.S. District Judge Richard Jones handed down a sentence of four months behind bars, noting that Zhao failed to follow regulations despite having “the wherewithal, the finance capabilities, and the people power” to do so, according to Reuters.
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