A more authentic Changpeng Zhao: What is the full text of the letter from the U.S. judge?

The case of Binance founder CZ is about to reach its final verdict at the end of April. There are reports that CZ may face a 36-month prison sentence, but the final decision will not be made until April 30. On Tuesday U.S. time, CZ submitted a letter to the judge overseeing the case, apologizing for his actions and stating that he should take full responsibility. In addition to CZ's letter, there are 161 letters of plea from family members, friends, politicians, employees, and other important figures, including one written by He Yi, who knows CZ best.

He Yi recalled the 10 years of ups and downs she and CZ have experienced together in the industry, especially the six years of building Binance. Some lesser-known anecdotes reflect CZ and Binance's way of doing things—whether it was dealing with hacks, FTX, or CZ traveling alone to the U.S., he never wanted to be a hero, but he had to protect what he cared about. Below is the full text of the plea letter:

The Honorable Richard A. Jones

United States Courthouse

700 Stewart Street, Suite 13128

Seattle, WA 98101-9906

Dear Judge Jones,

Thank you for taking the time to read this letter. I am Changpeng Zhao's (abbreviated as CZ) business partner and the mother of his three children. I hope this letter will help you understand the real CZ.

In the spring of 2014, I met CZ at a university blockchain event. Unlike many who use pseudonyms, "CZ" is simply the abbreviation of his real name. That day, CZ was invited on stage to give an impromptu speech because the organizers realized he worked for blockchain.info, the most popular Bitcoin wallet at the time. He passionately explained blockchain technology and Bitcoin principles. At the time, he had just sold his house to buy Bitcoin, and though its price had dropped significantly, his enthusiasm for blockchain remained undiminished. His speech was filled with idealism about how blockchain could bring positive change to the world, which deeply inspired me. Later, CZ chose to enter the crypto space and founded Binance. While he wanted the company to succeed, making money was never his ultimate goal—he genuinely hoped to use technology to advance the world.

In the summer of 2014, CZ’s expertise in matching and trading technology was underutilized at Blockchain.info. After my repeated invitations, he joined OKCoin, where I worked. The crypto market was in a downturn, and amid widespread despair, a community member was diagnosed with leukemia and couldn’t afford treatment, so he publicly sought donations. Despite his own financial losses, CZ actively contributed. Sadly, the community member passed away. Inspired by this, CZ and I co-founded the "Love BTC" charity project. He built a website and a public Bitcoin wallet address, and we raised funds through social media auctions, converting BTC directly into goods for beneficiaries. CZ even wrote a paper on how blockchain could enable 100% transparent charity, ensuring no administrative fees eroded donations. This paper, timestamped April 2014, can still be found on GitHub (https://github.com/cpzhao/bitcoin_charity/blob/master/Bitcoin_Charity.md)—it was the precursor to Binance Charity. This was three years before Binance’s founding, when CZ was far from wealthy. Many see charity as a means to fame or tax evasion, saying they’ll donate once they’re financially free. But for CZ, whether rich or poor, he has always taken charity seriously, driven by kindness and humanitarianism.

In August 2017, my first month at Binance, a young user reached out, saying he had mistakenly sent thousands of dollars to a Binance wallet address for an unsupported token—a common mistake in the industry’s early days. The norm was that users bore the consequences of their own errors. But for this 20-year-old, that money might have been his family’s annual income, his college tuition, and his future hope. After a brief discussion with CZ, he diverted our already scarce development resources to recover the funds—the first such case in the industry. This set a precedent, and under CZ’s guidance, Binance has since helped over 180,000 users recover more than $441 million in assets. It’s a resource-intensive, low-ROI effort, but it gives hope to users in despair. Even today, publicly traded platforms like Coinbase don’t offer this service. In this wild west of an industry, many act as predators, but CZ has always insisted on doing the right thing: protecting users.

In early 2018, as Bitcoin surged past $20,000, investor enthusiasm bred fraud. One day, a group of Chinese users approached me, saying they’d been lured into investing in a project by a social media account that disappeared after taking their money. Blockchain tracking showed the funds had just been transferred to Binance. Most platforms today would require a police report before freezing funds, but China had banned crypto, so local police wouldn’t take the case. CZ told us, "Do the right thing." We temporarily froze the funds, arranged calls between the victims and the scammer, and eventually recovered the money. The scammer shut down the account. This is just one of countless examples of CZ standing against wrongdoing. In 2023 alone, Binance assisted over 58,000 law enforcement investigations, many initiated by Binance itself. This is why, despite mainstream media painting CZ as a villain, millions in the community see him as a hero—a guardian in the crypto wild west.

Starting in 2019, Binance’s team grew rapidly, becoming highly globalized and diverse. It included Ivy League Wall Street elites, European dropouts, African NGO activists, and Southeast Asian youths escaping fishing villages. CZ treated everyone equally, regardless of race, faith, gender, education, or background. Whether it was a junior employee’s house burning down, COVID-19 leaving staff without supplies, or the Russia-Ukraine war endangering employees, CZ helped without hesitation. While it’s not unusual for CEOs to spend millions relocating top talent, CZ extended this support to junior employees—easily replaceable but helped simply because they needed it.

CZ’s leadership style defies traditional CEO expectations. His commitment to transparency and fairness clashed with some employees accustomed to corporate elitism, leading to resentful departures and false media claims. Though these reports frustrated me, CZ bore the burden, upholding fairness even when it disadvantaged the privileged few.

In November 2022, when FTX collapsed, Sam Bankman-Fried’s (SBF) last plea for help went to CZ. Without seeing FTX’s financials, CZ called a management meeting to discuss a bailout. He said, "We don’t need FTX, but we must save the industry." Though the deal fell through, subsequent revelations about FTX’s misuse of user funds shocked CZ. Believing transparency was key, he made Binance’s wallet addresses public and launched tools for users to verify their funds—pushing the industry toward accountability.

Over the past decade, I’ve witnessed Bitcoin rise from hundreds to over $40,000, seen celebrities fall, and institutions crumble. Many were brilliant but saw laws as obstacles, thinking they could deceive the public or evade justice. CZ is different—he’s honest, kind, smart, and hardworking. In 2020 alone, he underwent two spinal surgeries but never stopped working. As Binance’s CEO and largest shareholder, he took a lower salary than later hires and never took dividends. To keep Binance running, he voluntarily flew to the U.S. to plead guilty. Between personal and public interests, CZ always sacrifices himself for Binance; between Binance and users, he chooses users.

As his partner, I know how CZ earned the community’s respect. When China banned crypto exchanges, others exploited users, but CZ refunded them at higher prices. When Binance was hacked, he took full responsibility. While many projects launched tokens to get rich, CZ tracked down scammers and hackers—even in cases unrelated to Binance—driven by his sense of duty to the industry.

As his life partner, I’ve known CZ for nearly a decade. He knows nothing of luxury cars, jewelry, or art auctions. He shops on Amazon for affordable clothes, rides a scooter to meetings, and was once mocked by journalists for proudly showing his Toyota minivan. He buys things for utility, not status. Money, fame, and pleasure don’t drive him—he seeks a meaningful life. He cares deeply for friends, regardless of their status, and makes time for his three children, who now ask, "Why isn’t Dad home? When will he come back?"

I’m not saying CZ is flawless. His biggest mistake was ignorance. As a founder with no legal background, leading a team where most early managers (myself included) couldn’t read English, he navigated blind spots. His fairness, integrity, and sense of duty won users but also led to missteps. Regardless, the mistakes were made, and Binance and CZ have paid dearly.

CZ once said, "No one wants to be a hero—heroes are just those who, in their position, must protect their family, community, or country by doing what’s right." I humbly ask you, Judge Jones, to consider that in crypto’s chaotic early days, even the U.S. hadn’t defined how to regulate it. As a first-time founder managing an unprecedented scale, CZ faced blind spots. Had he known the severity, he would have barred U.S. users from day one. He never wanted to be a hero, let alone a criminal—his actions were guided by humanitarian principles and his best efforts. Today, it’s his sense of responsibility that brings him to court. He should not be equated with violent criminals or fraudsters. I sincerely hope you, with wisdom and clarity, will see the full picture of CZ and judge fairly. I’m available anytime for further details.

Sincerely,

He Yi

Binance Co-founder & Mother of CZ’s Three Children

January 11, 2024