Elizabeth Lopatto

Zhao says he wants to create a platform for online education for underprivileged kids. “I find this new work extremely rewarding and meaningful.”

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.

The judge is annoyed by this.

Judge Richard Jones is back on the bench, and we are about to hear from Changpeng Zhao himself.

Zhao will speak when we return.

And because he’s so well-known as a wealthy man, and because Binance is cooperating with the government, there’s a real risk in being in certain facilities, Burck says.

Will the sentence deter other people? Government said Zhao should be punished or else there will be a perverse incentive to do what Zhao did. Burck is arguing that prison time will tell people not to come to the US and accept responsibility for their crimes.

If the government wanted to put Zhao in jail for serious time, why did they let him plead to something with such a short sentence? It makes me wonder about the matter under seal we keep hearing about.

He and Burck are having a back-and-forth now about the appropriateness of jail time as recommended by the probation department.

We know from CZ’s messages quoted in multiple court cases that avoiding anti-money laundering controls was not exactly a mistake but a strategy. The language cuts against the idea that CZ is taking “full responsibility” for his misconduct...