In a letter addressed to US Judge Richard A. Jones for the Western District of Washington, former Binance CEO Changpeng Zhao, popularly known as “CZ,” expressed his deep regret and apologized for what he termed as “poor decisions” made during his tenure as the head of the cryptocurrency exchange.

The letter was filed on Tuesday, ahead of his sentencing for charges related to anti-money laundering and sanctions violations.

Expressing his gratitude to the court and the Probation Office at the outset of the letter, CZ acknowledged the probation officers for enabling him to speak candidly and understand him as a whole person. He accepted full responsibility for his actions, admitting that he should have prioritized implementing compliance changes at Binance from the outset and regretting the failure to establish necessary compliance controls.

Acknowledging the significant impact his actions have had on their lives, CZ apologized to his family, friends, Binance employees, and the wider crypto community. He further emphasized the rapid growth and the challenges faced in keeping the platform afloat during its early years, eventually building a secure product that has safeguarded users and their funds.

Noting that he is no longer Binance’s CEO and has accepted this new reality, CZ expressed optimism about making positive impacts in other areas in the future. He also shared his immigrant background and past entrepreneurial experiences, highlighting his commitment to resolving issues before the court voluntarily.

Looking to the future, CZ outlined his aspirations beyond Binance, expressing a keen interest in the potential of cryptocurrency to provide inclusiveness and equal opportunity worldwide. He further mentioned his intention to explore opportunities in biotech, particularly focusing on funding research labs to cure diseases and provide medical access using blockchain technologies. Additionally, he emphasized his commitment to assisting underprivileged youth through various worldwide educational and living standards programs.

It is crucial to note that the US Department of Justice (DOJ) has recommended a three-year prison sentence for CZ, alleging deliberate violations of US laws as an integral part of Binance’s business strategy. The DOJ argued that Binance “aggressively” targeted US customers without adhering to necessary legal standards, allowing illicit financial flows. The DOJ memo further described CZ’s actions as a calculated decision to disregard US laws for personal gain, and the prosecution stated that CZ expected the consequences to be less severe than the crime committed.

At present, the exchange’s native token BNB is trading at $601 after a substantial 14% price recovery in the last week alone.

Disclaimer: The information provided in this research report is for informational purposes only and should not be interpreted as financial or investment advice. The NFT and cryptocurrency market is highly volatile, and readers should conduct thorough research before making any investment decisions.