Binance founder and former CEO Changpeng Zhao is undeterred from investing in crypto despite receiving a prison sentence for violations of US law on the world’s largest digital asset exchange.
In a statement on social media platform X, Zhao said tells his followers what his plans are after his sentencing on Tuesday.
“I would like to thank everyone for your care and support, whether it is writing letters, showing support on X or in any other form. They all mean a lot to me and keep me strong. I will spend my time, close this phase and focus on the next chapter of my life (education).”
Zhao also has a positive stance on crypto and says he will continue to hold crypto assets.
“I will remain a passive investor (and holder) in crypto. Our sector has entered a new phase. Compliance is super important.
A positive side of this whole process is that Binance has come under scrutiny. And funds are SAFU.”
In November, Zhao stepped down as CEO of Binance after he and his company pleaded guilty to violating U.S. anti-money laundering laws.
Zhao’s lawyers asked for probation, saying their client accepted responsibility and has already been assessed a $50 million criminal fine, but prosecutors wanted the Canadian citizen to serve three years in prison to reduce the extent of reflect his actions.
U.S. District Judge Richard Jones imposed a four-month prison sentence, noting that Zhao failed to comply with the rules despite having “the resources, financial ability and people power” to do so, according to Reuters.
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Generated image: Midjourney