Former Binance CEO Changpeng Zhao Released, Promises Blockchain Funding
Changpeng Zhao, the founder and former CEO of Binance, was released from US custody on September 28 after serving a four-month sentence in a California-based low-security prison, Lompoc II. The crypto magnate, who has been banned from Binance leadership for life, 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 for failing to implement adequate anti-money laundering measures on the exchange and for prioritizing the growth of Binance’s business over compliance with US laws.
Zhao, an active crypto voice on social media, marked his return from prison with several tweets. In one of his first public statements on The 47-year-old businessman is ranked 61st on the Bloomberg Billionaires Index with a net worth of $30.8 billion (approximately Rs. 258 crore) as of September 30.
“I am a long-term investor who values impact, 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 from his role as CEO of Binance. Richard Teng was appointed as Zhao’s successor to lead the exchange.
Commenting on the situation, Zhao said: “Binance seems to be doing well without me taking a back seat, which is excellent. Every founder’s dream!”
In March 2024, Zhao said he was launching a new project called Giggle Academy as a free education project that aims to provide basic education for grades 1-12 through engaging, interactive games. No crypto token – existing or new – is part of this project, Zhao had 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 be able to have more than one piece of fruit a day!
I know some of you may have a lot of questions. I won’t have all the answers.
Let me cool down for a moment. Then consider the next steps. There are always more options in… https://t.co/9hvgp8Bo97
— CZ: large_orange_diamond: BNB (@cz_binance) September 29, 2024
Although Zhao is no longer allowed to be part of Binance’s management team, he remains the crypto exchange’s largest shareholder. reportedly about 90 percent of the shares under his belt. This gives him a voice in appointing board members and approving company policies.
