On April 24, Changpeng 'CZ' Zhao, the co-founder and former CEO of Binance, presented a written apology to the court.

According to CZ, he acknowledges the need for compliance changes to be implemented in Binance at an earlier stage. He also mentions that during his tenure, the exchange eventually enforced "stringent" controls.

He added, that he willingly gave himself up and accepted accountability in the ongoing situation, with the intention of resolving the issue in court and giving himself another chance.

“I apologize for my poor decisions and accept full responsibility.” - CZ

In his appeal for another opportunity, Zhao justified his plea by outlining an atypical professional journey in which he led a modest lifestyle and repaid investor funds following unsuccessful business ventures.

According to Zhao, he was drawn to the world of cryptocurrency due to its promise of inclusivity and equal opportunities, showcasing his altruistic nature. He also expressed his desire to use his involvement in this field to support small biotech labs and initiatives focused on youth development.