Binance’s CZ Reflects on Prison Life, Says Human Connection Matters More Than Anything

Binance CZ

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Tanzeel Akhtar

Journalist

Tanzeel Akhtar

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Tanzeel Akhtar has been covering the cryptocurrency and blockchain sector since 2015. She has written for the Wall Street Journal, Bloomberg, CoinDesk, Bitcoin Magazine and Bitcoin.com.

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October 30, 2024

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Changpeng Zhao (CZ), made his first appearance on stage at Binance Blockchain Week event in Dubai on Thursday in front of a packed room to discuss his time in prison and future plans.

The former CEO of Binance served four months in prison for violating the U.S. Bank Secrecy Act and other regulatory issues.

CZ, despite looking visibly aged and humbled by recent challenges, was met with loud applause as he walked on stage at the flagship event held at the Coca-Cola arena in Dubai. Despite prison time, CZ has retained his trademark charm and calm resilience, reflecting on the toll and strength gained from this experience.

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.

CZ also expressed surprise when learning that current U.S. presidential nominees, former President Donald Trump and Vice President Kamala Harris, have started discussing cryptocurrency in their campaigns.

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 said he remains a shareholder in Binance but is no longer involved in any decision-making at the crypto exchange. The former CEO said he remains bullish crypto.

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.

CZ, wearing a T-shirt emblazoned with the Giggle Academy logo, went on to explain that the mission is to bridge educational gaps, offering accessible learning resources to empower communities that have historically been left behind.

With this initiative, CZ said he sees an inclusive educational landscape where knowledge is a fundamental right, not a privilege. He stressed the desire to support entrepreneurs.

For full coverage of the Binance Blockchain Week currently held in Dubai, check out the full event overview article here.