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Binance founder Changpeng Zhao said Zhao voluntarily pleaded guilty in the U.S. and paid a hefty fine because Zhao did not want to become a fugitive or avoid the issue, BlockBeats reported, citing an interview with Japanese business outlet PIVOT.
Zhao said Binance’s violations were limited to registration-related issues, not fraud, and there were no victims, while user assets remained protected throughout. Zhao added that prison was an unpleasant experience and a lesson.
Zhao also said Bank of America recently faced only a $1.2 billion fine for what Zhao described as more serious violations and was not prosecuted. Zhao said the world is inherently unfair, but Zhao is no longer dwelling on the past and plans to learn from the experience and focus on doing more positive things going forward.