Zhao declared that he is not obligated to hold his Binance equity indefinitely and is willing to consider offers to sell it.
Changpeng Zhao, who was freed from a federal prison in the United States on September 27, has stated that he has no intention of taking over as CEO of Binance again. He stated that he has moved on from that period of his life and that the role is challenging.
“I don’t think I want to go back” he told Bloomberg in a recent interview. “I’ve been leading the company for seven years. I enjoyed it. It’s a lot of work. But I think that chapter is that chapter.”
Zhao, also known as CZ, started a four-month prison sentence on April 30, 2024, for breaking the Bank Secrecy Act by neglecting to put in place an efficient anti-money laundering system at Binance. This came after he pleaded guilty in November 2023 to facilitating transactions involving illegal funds and nations under sanctions, including Cuba and Iran.
CZ agreed to pay a $50 million fine and resign as CEO of Binance as part of the plea agreement. In the meantime, one of the biggest corporate fines for such infractions in US history, $4.3 billion, was imposed on Binance.
In contrast to Sam Bankman-Fried, the founder of FTX, who was sentenced to 25 years in prison, CZ’s sentence was substantially lighter.
Changpeng Zhao Downplays Influence at Binance, Says He’s Just a ‘Regular’ Shareholder
Zhao also told Bloomberg that he has been approached to sell his substantial holding in Binance, which accounts for the majority of his wealth. He would not, however, reveal the names of the prospective purchasers or the suggested prices. According to reports, he owns 90% of Binance.
He stated, “I am not claiming that I will retain the equity indefinitely or not.” “I’m happy to review every offer, but so far I haven’t done anything. But, you know, I’m just a regular shareholder at this point.”
Changpeng Zhao’s net worth increased by $12.1 billion on Wednesday following Donald Trump’s victory in the US presidential election, bringing it to $52.7 billion. Bitcoin reached a new all-time high as a result of the election, which also increased US stock market indices.
CZ Sets Sights on AI, Biotech and Free Global Education
According to Bloomberg, Zhao, who has a tattoo of the Binance logo on his arm, now considers himself a passive cryptocurrency investor. Additionally, he asserts that his “felon status” has not prevented him from doing business with others.
In September, Zhao outlined his plans to invest in areas such as artificial intelligence and biotech. He also noted his approach as a long-term investor, prioritizing meaningful impact over just financial profit.
He went on to say that a large portion of his future time will be devoted to his educational endeavor, Giggle Academy. Students in grades 1 through 12 will receive free basic education worldwide as a result of this initiative. Giggle Academy employs gamification, adaptive learning, and blockchain technology without a revenue model. Students’ accomplishments are rewarded with “soul-bound tokens.”
Reflecting on Prison Time and Giving Crypto Advice to Guards
At Binance Blockchain Week last month, Cryptonews’ Tanzeel Akhtar noticed Zhao looked noticeably older and more subdued after his recent challenges.
He received thunderous applause when he took the stage at the Coca-Cola arena in Dubai. CZ maintained his characteristic charm and poise while incarcerated. He made use of this time to think back on the challenges he had encountered as well as the personal development they had inspired.
He related a humorous incident in which two prison guards recognized him and asked for his opinion on which cryptocurrency to buy. “I’m like, I better not pick the wrong coin,” he jokingly said.
CZ stated that the issue was very “subjective,” pointing out the judge’s difficult role, when asked if he believed his sentence was fair.