Binance Founder CZ Writes to Staff: I have to deal with some pain, but will survive

Binance founder and former CEO Changpeng Zhao issued an internal memo to Binance staff following his guilty plea to several charges, including money laundering.

The cryptocurrency exchange giant has agreed to pay a $4.3 billion penalty as part of the legal resolution.

In the memo, CZ expressed gratitude for the support received from the Binance team during what he described as a challenging day. He acknowledged the difficulty of navigating the legal process with a significant time difference and being in court without access to his phone for most of the day.

Binance Will Weather the Storm

CZ, who faces a potential 18-month prison sentence, revealed the internal memo was a response to the overwhelming number of messages he received and the constraints on his ability to reply individually.

He mentioned the lack of time to prepare an internal memo in advance due to the demands of reviewing extensive legal documents.

The founder highlighted the pride he feels in the team’s work, emphasizing that Binance will weather the storm. He acknowledged the forthcoming structural changes but expressed confidence in the company’s ability to overcome challenges. CZ noted the necessity of enduring some personal pain but assured his commitment to survival.

CZ Quotes Star Trek

Despite the need for a break, CZ urged the Binance team to continue working hard, emphasizing the importance of maintaining momentum. He added a touch of humor to lighten the mood, referencing a famous phrase from the movie Star Trek (2009), saying, “I need everyone to continue performing admirably.”

CZ ended the letter urging staff members to help Richard Teng transition into his new role as the CEO of the company.

The memo did not delve into specific details regarding the charges or the guilty plea but focused on expressing gratitude, acknowledging challenges, and instilling confidence in Binance’s future.

CZ’s sentencing hearing is scheduled for February 23 next year.