Binance co-founder Changpeng Zhao says crypto industry has 'entered a new phase'
Quick Take
- Former Binance CEO Changpeng Zhao sent out a message on X following his sentencing.
- He reiterated that compliance is very important, after Binance paid a $4 billion fine for not meeting it.
Binance co-founder Changpeng Zhao, commonly known as CZ, expressed his thanks to his supporters following his sentencing to four months in prison over breaking compliance rules.
"I would like to thank everyone for your care and support, be it writing letters, showing support on X, or in any other form," Zhao posted on X. "They all mean a lot to me and keep me strong."
Zhao was sentenced in Seattle on Tuesday after pleading guilty to anti-money laundering violations. He has also agreed to pay a $50 million fine.
The former Binance CEO said that he plans to spend the next chapter of his life on education, where he has started a project called Giggle Academy.
"I will remain a passive investor (and holder) in crypto. Our industry has entered a new phase. Compliance is super important," he noted.
Zhao added that Binance has been under the microscope during this process and that funds are secure. He reiterated that it's important to protect users — perhaps in contrast to FTX's massive collapse.
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