Binance founder and former CEO Changpeng Chao is discouraged from investing in cryptocurrencies despite being sentenced to prison for violating US law at the world's largest digital asset exchange. Not yet.
In a statement on social media platform X, Zhao said: To tell His supporters spoke of his plans after Tuesday's sentencing.
“I would like to thank you all for your care and support, whether it be by writing a letter, showing your support with an X, or in any other way. They all mean so much to me and make me stronger. I will take my time to finish this stage and focus on the next chapter of my life (education).”
Mr. Zhao also maintains a positive attitude towards crypto assets, stating that he will continue to hold them.
“I will continue to be a passive investor (and holder) in cryptocurrencies. Our industry has entered a new phase. Compliance is extremely important.
The silver lining to this whole process is that Binance has been put under the microscope. And the funds are SAFU. ”
In November, Chao resigned as CEO of Binance after he and his company pleaded guilty to violating U.S. anti-money laundering laws.
Mr. Zhao's lawyer asked for probation, saying his client had admitted responsibility and was already subject to a $50 million criminal fine, but prosecutors said the seriousness of the act meant the Canadian was sentenced to three years in prison. He was sentenced to 20 years in prison.
According to Reuters, U.S. District Judge Richard Jones sentenced Zhao to four months in prison for failing to comply with regulations despite having the “means, financial resources and human resources.”
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