Changpeng Zhao States He Has No Desire to Go Back to Being Binance CEO

Crypto Reporter

Shalini Nagarajan

Crypto Reporter

Shalini Nagarajan

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Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.

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November 8, 2024

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Changpeng Zhao, released from a US federal prison on Sept. 27, has said he has no desire to return as CEO of Binance. He indicated that the role is demanding and that he has moved on from that chapter of his life.

“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.”

On April 30, 2024, Zhao, known as CZ, began a four-month prison sentence for failing to implement an effective anti-money laundering system at Binance, violating the Bank Secrecy Act. This followed his guilty plea in Nov. 2023, where he admitted to facilitating transactions involving illicit funds and sanctioned countries, such as Iran and Cuba.

As part of the plea deal, CZ stepped down as Binance CEO and agreed to pay a $50m fine. Meanwhile, Binance itself was hit with a $4.3b penalty, one of the largest corporate fines for such violations in US history.

CZ’s sentence was significantly lighter compared to FTX founder Sam Bankman-Fried, who received a 25-year sentence.

Changpeng Zhao Downplays Influence at Binance, Says He’s Just a ‘Regular’ Shareholder

Additionally, Zhao told Bloomberg that he received offers to sell his significant stake in Binance, which makes up most of his wealth. However, he declined to disclose the identities of the potential buyers or the proposed amounts. Reports indicate that he holds a 90% stake in Binance.

“I’m not saying that I’m going to hold onto the equity forever or not,” he said. “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.”

On Wednesday, after Donald Trump’s win in the US presidential election, Changpeng Zhao’s wealth grew by $12.1b, raising his net worth to $52.7b. The election boosted US stock market indices and drove Bitcoin to a new all-time high.

CZ Sets Sights on AI, Biotech and Free Global Education

Bloomberg reports that Zhao, who bears a Binance logo tattoo on his arm, now identifies as a passive investor in the crypto market. He also claims his “felon status” has not stopped people from doing business with him.

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 added that his educational project, Giggle Academy, will take up much of his time moving forward. This initiative aims to provide free basic education globally for students in grades 1 to 12. Without a revenue model, Giggle Academy uses gamification, adaptive learning, and blockchain technology, rewarding student achievements 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.

When he stepped onto the stage at Dubai’s Coca-Cola arena, he was met with enthusiastic applause. Despite his time in prison, CZ retained his signature charisma and composure. He used this period to reflect on both the difficulties he faced and the personal growth it spurred.

He shared an amusing encounter where a couple of prison guards recognized him and sought his advice on which crypto to purchase. “I’m like, I better not pick the wrong coin,” he jokingly said.

When asked whether he thought his sentence was fair, CZ said the matter was highly “subjective,” noting the judge’s challenging job.