Binance Founder Says He is “Mentally Stable” Amid Legal Debacle

Changpeng ‘CZ’ Zhao, Binance founder and former CEO of leading cryptocurrency exchange Binance claims that he is mentally stable amidst all the legal debacle that has happened in the last few days.

CZ Appreciates Well-Wishers

The Binance founder acknowledged and appreciated the support he has gotten from the public and Binancians in the last couple of days. He pointed out that he had no access to most of these well-wishes nor could he respond to them but at the same time, he acknowledged the caring words directed at him.

CZ recalled how he had always made a joke about wanting to retire early as Binance CEO. Little did he know that his wish was around the corner, even though it happened differently from how he might have envisaged. The unexpected transition is here and CZ revealed that he is gradually getting used to it.

There are speculations that the Binance founder has taken the recent event in good faith and this is further underscored by the statement from his friends who believe that he has a “resilient mindset.” 

CZ said he is not in total agreement with this perception of him but one thing claims he is sure of is the fact that he remains mentally stable. 

Recanting the Latest Ordeal of the Binance Founder

Zhao has been one of the top players in the cryptocurrency ecosystem, leading the biggest crypto brokerage until a few days ago when he was hit with a legal enforcement action. He was requested to resign from his position as the exchange’s CEO as part of the settlement which the trading platform agreed to with the United States Department of Justice (DOJ).

The Binance founder and his exchange have been under the radar of the DOJ since 2018 for crimes connected to money laundering and flouting of Know-Your-Customers (KYC) rules. He was arrested for a few hours and pleaded guilty to charges of defaulting in terms of running an anti-money laundering system. He was released on a $175 million personal recognizance bond.

His sentence hearing is scheduled to be held next year in February. In the meantime, Binance founder is prohibited from breaking the law, tampering with witnesses, or using non-prescribed controlled substances and recently, US Prosecutors want to keep him from traveling out of the country until the hearing date.