"What a pity, because of ignorance everything is destroyed."
Immediately after Changpeng Zhao (CZ) publicly apologized for his mistakes, Binance Co-Founder He Yi revealed that the biggest mistake the former CEO made was actually ignorance.
Following the settlement of his charges in November 2023 with the Department of Justice (DOJ) of the United States (US), CZ, who is scheduled to be sentenced on April 30, 2024, will receive a 36-month sentence.
However, Yi who is pleading for a second chance not only recounts his very winding career path but also describes his involvement in crypto as being aimed at supporting small biotech labs and youth-oriented initiatives in the future.
There is no denying that Yi has described CZ as the guardian of the crypto market, but she also said that her husband also lacked a famous background, a founding team, legal expertise and could not read English.
It is well known that the leniency appeal for CZ was made by his family members namely his wife and two children who attend US institutions with his sister who is a former Managing Director at Morgan Stanley.
In addition to acknowledging CZ's mistakes, his sister Jessica Zhao also expressed her commitment to altruism* where she highlighted her dispute with FTX and expressed CZ's dedication to maintaining the integrity of Binance by avoiding misappropriation of customer funds.
*Doing something or giving help without expecting anything in return
Binance settled charges for anti-money laundering violations and US sanctions late last year that resulted in $4.3 billion in penalties and the imposition of regulatory oversight.
