Changpeng Zhao, the founder and former CEO of the world’s biggest cryptocurrency exchange Binance, shared his reflections and plans following his release from prison after serving a four-month sentence
What Happened: On Sunday, Zhao, popularly referred to as CZ, expressed gratitude for his supporters who stood by him in his “darkest moments.”
“Let me chill for a bit. Then figure out the next steps. There are always more opportunities in the future than there were in the past,” the cryptocurrency mogul voiced optimism for the future.
CZ reiterated his commitment to blockchain technologies and decentralization, calling himself a “long-term investor who cares about impact, not returns.”
He also said that Giggle Academy, a nonprofit free online education platform, would continue to be his focus for the next few years. CZ added he would devote more time to charity and education in general.
The cryptocurrency magnate also revealed the status of his upcoming book. “About 2/3 done, I think. Writing a book is a lot more work than I anticipated, but will see this one through.”
Last but not least, he acknowledged that Binance was doing well without him, deeming it “every founder’s dream!”
Why It Matters: CZ’s remarks followed his release from a four-month prison sentence for anti-money laundering violations.
The sentencing stemmed from the DOJ’s investigation into CZ and Binance’s operations. CZ paid a $50 million fine and resigned as CEO of Binance in November 2023, bringing the multiyear probe to an end. The exchange also faced $4.3 billion in penalties.
CZ’s imprisonment made headlines as he was one of the wealthiest individuals to ever serve time in a U.S. federal prison. At the time of his sentencing, he was the 34th richest person in the world, with a net worth exceeding $40 billion.
Price Action: At the time of writing, the native currency of the Binance ecosystem, BNB BNB/USD, was exchanging hands at $577.54, down nearly 4% in the last 24 hours, according to data from Benzinga Pro.
Photo Courtesy: Wikimedia Commons
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