Elizabeth Lopatto
Zhao will leave the courtroom now.
The rest of us are asked to remain sitting while he leaves. Unclear if there will be a press conference after.
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Elizabeth Lopatto
And we’re back!
The defense is requesting that Zhao be designated to SeaTac, at a date to be specified by the court. Zhao promises before the court that he will show up at the time, which is not yet decided.
Elizabeth Lopatto
Zhao won’t be remanded immediately into custody.
We are taking a 10 minute break, but there are a few more matters to be ironed out.
Elizabeth Lopatto
Elizabeth Lopatto
“I was deeply troubled... by your statement reflected on pg. 1, the opening line of the government’s brief to this court that it was better to ask for forgiveness than permission.”
But Jones isn’t going to take the government’s sentencing recommendation. He hasn’t yet announced the exact sentence.
Elizabeth Lopatto
CZ is clearly on pins and needles as Jones speaks.
He’s leaning forward, listening intently, and occasionally nodding.
Elizabeth Lopatto
Jones doesn’t think Zhao is likely to reoffend.
However, the scale of the offense is remarkable, and Jones wants to consider deterring future crime. The letters sent to the court on Zhao’s behalf will play a significant role in the sentencing.
Elizabeth Lopatto
“Everything I see about your history and characteristics are of a mitigating nature and a positive nature,” says Judge Richard Jones.
The court recognizes that he came voluntarily to the US, has not previously broken laws, and that he took “extraordinary steps and significant steps” in cooperation with law enforcement. But the nature of the events was “aggravating.”
Elizabeth Lopatto
Zhao is soft-spoken but very clear.
After his brief remarks, he has now stepped down.
Elizabeth Lopatto
“I’ve had a lot of quiet time alone to think and reflect.”
Zhao says he wants to create a platform for online education for underprivileged kids. “I find this new work extremely rewarding and meaningful.”
Elizabeth Lopatto
Changpeng Zhao speaks.
Addressing the courtoom before being sentenced, the Binance begins by saying, “I’m sorry,” and says he wants to take responsibility for his “mistakes.” He notes that Binance did implement a KYC/AML program, and that it is cooperating with the US government.
“In my mind, I wanted to do everything possible before stepping down as CEO.”
Elizabeth Lopatto
Someone took a photo and posted it on Twitter during the hearing.
The judge is annoyed by this.
Elizabeth Lopatto
And we’re back!
Judge Richard Jones is back on the bench, and we are about to hear from Changpeng Zhao himself.
Gotta say, the government has not exactly covered itself in glory here. If Zhao’s statement is convincing, he might not serve time at all.