CZ’s first appearance following a four-month prison sentence at Binance Blockchain Week 2024.
Changpeng Zhao (CZ) spoke about his prison experience and future plans during his first stage appearance on Thursday at the Binance Blockchain Week event in Dubai, which was attended by a large crowd.
For breaking the U.S. Bank Secrecy Act and other regulations, the former CEO of Binance was imprisoned for four months.
When CZ took the stage at the flagship event at the Coca-Cola arena in Dubai, he was greeted with thunderous applause despite appearing obviously aged and humbled by recent difficulties. Reflecting on the toll and strength gained from this experience, CZ has maintained his signature charm and composed resilience despite his time in prison.
He candidly discussed prison life, emphasizing time in prison helped him reflect on the importance of human connection. Prison also helped CZ to refocus his priorities in life. CZ reflected:
“So I think the whole experience is just very limiting in a lot of ways, right? So your freedom is taken away and you have nothing to do, so it gives you a lot of time to reflect. I actually learned a lot of really important lessons. For example, when everything is taken away from you, what do you miss the most? What I found is actually it’s the human connection that I miss the most. I missed my kids, my family, my friends, my colleagues and the [Binance] community.”
When asked if he thought he was given a fair sentence, CZ responded that it was very “subjective,” adding that the judge has a tough job.
“If you ask one side, they will say, no, it’s [four-month prison sentence] too easy. If you ask the other my side they would be like, too harsh.”
Zhao’s legal troubles began in late 2023 when U.S. authorities launched a sweeping investigation into Binance’s operations. CZ was arrested under allegations of violating several U.S. financial laws, including charges related to money laundering, operating an unlicensed money transfer service, and facilitating illegal transactions through Binance’s platform.
The fact that former President Donald Trump and Vice President Kamala Harris, the current U.S. presidential nominees, have begun bringing up cryptocurrency in their campaigns also surprised CZ.
CZ Creates Prison Community
When asked if he made friends in prison CZ responded, yes.
“So you pretty much have to make friends. Otherwise, if you are alone, if you have no community, then you will not end up well.”
“I had a couple of [prison] guards recognize me and then ask me, like, what coin should I buy? I’m like, I better not pick the wrong coin,” said CZ, a remark that was met by audience laughter.
What’s Next For CZ?
CZ stated that although he is still a shareholder in Binance, he no longer participates in any of the exchange’s decision-making processes. The former CEO stated that he still believes in cryptocurrency.
On stage, CZ introduced Giggle Academy, a nonprofit online education platform that provides free basic education to those with limited access, specifically targeting 1.2 billion underserved individuals worldwide.
Wearing a T-shirt with the Giggle Academy logo on it, CZ continued by explaining that the organization’s goal is to close educational gaps by providing easily accessible learning materials to strengthen underserved communities.
CZ stated that he envisions an inclusive educational environment with this initiative, where knowledge is a basic right rather than a privilege. He emphasized the need to assist business owners.
Check out this article for a comprehensive overview of the Binance Blockchain Week that is currently taking place in Dubai.