After sentencing, CZ comments on next steps and says that the cryptocurrency industry has ‘entered a new phase’

The co-founder of the largest cryptocurrency exchange Binance, Changpeng Zhao (CZ), commented on his next steps, as well as thanking his supporters after his recent sentence to four months in prison in the USA.

In a post on his official X platform account on April 30, CZ highlighted that he will serve his sentence and focus on the next chapter of his life. Furthermore, in his statement, the former CEO of Binance stated that the cryptocurrency industry has entered a new phase.

“I would like to thank everyone for their love and support, whether by writing letters, showing support at X, or in any other way. They all mean a lot to me and keep me strong. I will do my time, complete this phase and focus on the next chapter of my life (education). I will continue to be a passive investor (and holder) of crypto. Our industry has entered a new phase. Compliance is super important. The positive side of this entire process is that Binance is under the microscope. And the funds are SAFU. Protect users!” he wrote.

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).

I will remain a…

— CZ 🔶 BNB (@cz_binance) May 1, 2024

Changpeng Zhao Gets Sentence Reduction After US Court Trial

In a significant development in the court case involving former Binance CEO Changpeng ‘CZ’ Zhao, Judge Richard Jones ruled in favor of a reduced prison sentence during the sentencing hearing.

The United States Department of Justice (DOJ) had initially proposed a harsh sentence of 36 months in prison. However, the judge chose to consider the Probation Office’s more lenient recommendation, which suggested an incarceration period of 4 months in prison.

Changpeng Zhao admitted his guilt to a single count of violating the Bank Secrecy Act, which led to his resignation as an advisor to Binance.US. The cryptocurrency community reacted promptly, offering broad support to Zhao. Many family and friends sent letters of support, reinforcing his integrity and contributions to the sector.

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