According to Binance co-founder and mother of CZ's children, He Yi, the biggest mistake made by CZ was his lack of knowledge, especially given the startup origins and legal boundaries of the team.

Changpeng Zhao (CZ), founder and former CEO of Binance, publicly expressed regret for his "poor decisions" and took "full responsibility" for his actions.

He Yi acknowledged CZ's potential errors but highlighted ignorance as his most significant misstep. She emphasized the importance of following compliance and legal protocols from the early stages of the business.

In light of the settlement with the U.S. Department of Justice (DOJ) in November 2023, CZ faces sentencing on April 30. Despite previously waiving his right to appeal an 18-month sentence, the DOJ has asked for a 36-month term.

Zhao penned a letter to Judge Richard A. Jones, admitting past oversights and outlining the implementation of stricter controls at Binance during his tenure. He expressed a willingness to rectify the situation and requested a second chance to pursue new endeavors.

Furthermore, He Yi described CZ as a safeguard for the cryptocurrency industry amidst its likening to the Wild West. She noted the team's lack of legal knowledge and CZ's appeal to users through fairness and integrity despite mistakes made throughout the process.

The plea for leniency mentioned CZ's family members, including his wife and children attending U.S. institutions, along with his sister, who formerly held a position at Morgan Stanley. Jessica Zhao acknowledged her brother's missteps but praised his dedication to upholding Binance's integrity and customer funds protection.