Changpeng Zhao, founder and former CEO of Binance, was released in the United States on September 28 after serving a four-month sentence at a low-security California-based prison, Lompoc II. The crypto tycoon, who was banned for life from Binance management, has decided to remain part of the blockchain ecosystem as an investor. Zhao was sentenced to four months in prison on April 30 after pleading guilty to failing to deploy adequate anti-money laundering measures on the exchange and prioritizing the growth of Binance’s business over ‘compliance with American laws.
Zhao, who has been an active crypto voice on social media, marked his return from prison with several tweets. In one of his first public statements published on . 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 (around Rs. 258 crore).
“I am a long-term investor who cares about impact, not return. There are always more opportunities in the future than in the past,” said Zhao, who goes by X @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! »
In March 2024, Zhao said he was launching a new project called Giggle Academy, a free educational project that aims to provide basic education from grades 1 to 12 through interactive and engaging games. No cryptographic 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 is so good… And what a luxury to be able to have more than one fruit a day!
I know some of you may have a lot of questions. I won’t have all the answers.
Let me relax a little. Then determine the next steps. There are always more opportunities in… https://t.co/9hvgp8Bo97
— CZ:large_orange_diamond: BNB (@cz_binance) September 29, 2024
Although Zhao is barred from being part of Binance’s management team again, he remains the crypto exchange’s largest shareholder with around 90% of the shares under his belt. This gives him the right to vote to appoint board members and approve company policies.
