‘I Will Serve My Sentence’: Binance Founder Plans for Life After Incarceration
Crypto billionaire Changpeng “C.Z.” Zhao took to Twitter hours after being sentenced to four months in prison in a Seattle courtroom to express his gratitude for the support he has received and highlight a positive aspect of his legal ordeal.
“I am prepared to serve my sentence, conclude this phase, and focus on the next chapter of my life,” Zhao stated. “I will continue to be a passive investor (and holder) in the crypto industry. We are entering a new era.”
Zhao mentioned that his post-prison focus will be on education, potentially through the Giggle Academy, which he had announced in March while awaiting his day in court.
“I want to thank everyone for their care and support, whether it be through letters, messages of support, or any other form,” Zhao expressed. “They mean a lot to me and give me strength.”
He also commended his former company and underlined the overall theme of his court case.
“One positive outcome of this entire process is that Binance has undergone scrutiny, and funds are SAFU,” he stated. “Compliance is of utmost importance…Protecting users is crucial!”
Last year, Zhao pleaded guilty to federal money laundering charges that revolved around a corporate culture at Binance which, according to federal prosecutors, prioritized growth over fraud prevention. As a result, he was forced to leave the company and pay a $50 million fine.
The U.S. Department of Justice argued that due to the seriousness of his crimes, Zhao should face enhanced sentencing guidelines and requested a three-year prison term. The sentencing on Tuesday began with a debate over the appropriate punishment, as prosecutors aimed to set an example for future wrongdoers.
U.S. District Judge Richard Jones disagreed and instead followed the recommendations of the federal probation office. Zhao’s four-month sentence may, in fact, involve as little as 10 months behind bars with the remainder served under supervised release, taking into account his time already served.
“Based on everything I have learned about your history and characteristics, they are primarily mitigating factors and positive qualities,” Jones told Zhao, as reported by The Verge.
Once his sentence is complete, Zhao’s “next chapter” in education is likely to involve the establishment of Giggle Academy, a free online education platform for students from first grade through high school. In a concept paper, he proposed making basic education accessible, captivating, adaptable, and free for children worldwide who lack access to it.
“We are seeking teachers who can create digital content,” he noted in the paper. “I will also become a student myself.”
Just a week ago, Zhao unveiled the academy’s cheerful and vibrant logo.