Changpeng Zhao, the founder and former CEO of Binance, was released from US custody on September 28 after serving a four-month sentence at California’s low-security Lompoc II prison. The crypto mogul, who was banned for life from running Binance, has decided to remain part of the blockchain ecosystem as an investor. On April 30, Zhao was sentenced to four months in prison after pleading guilty to failing to implement adequate anti-money laundering measures at the exchange and prioritizing the growth of Binance’s business over compliance with US laws.
Zhao, who has been an active crypto voice on social media, marked his return from prison with a series of tweets. In one of his first public statements published on X after his release, the multi-billionaire hinted that he wants to fund projects related to blockchain, decentralized technologies, artificial intelligence (AI) and biotechnology. The 47-year-old businessman is ranked 61st on the Bloomberg Billionaires Index as of September 30 with a net worth of $30.8 billion (roughly Rs. 258 crore).
“I’m a long-term investor who cares about performance, not returns. There are always more opportunities in the future than there were in the past,” said Zhao, who goes by the X handle @cz_binance.
After Zhao pleaded guilty in November 2023, he resigned as CEO of Binance. Richard Teng was named Zhao’s successor to lead the exchange.
Commenting on the situation, Zhao said: “Binance seems to be doing well without me driving in the back seat, which is great. Every founder’s dream!”
Back in March 2024, Zhao said he was launching a new project called Giggle Academy as a free-for-all educational project that aims to provide basic education for students in grades 1-12 through engaging, interactive games. No crypto tokens — existing or new — are part of this project, Zhao said at the time. According to a new update, this initiative is “going well.”
gm, the food tastes so good… And what a luxury to have more than one piece of fruit a day!
I know some of you might have a lot of questions. I won’t have all the answers.
Let me cool down a bit. Then figure out the next steps. There are always more opportunities in… https://t.co/9hvgp8Bo97
— CZ :large_orange_diamond: BNB (@cz_binance) September 29, 2024
Despite being barred from rejoining Binance’s management team, he remains the crypto exchange’s largest shareholder with reportedly around 90 percent of the shares under his belt. This gives him the right to vote in appointing board members and approving company policies.