Binance Former Chief Changpeng Zhao Commits to Blockchain Funding Following Release from US Custody
Changpeng Zhao, the founder and former CEO of Binance, was released from US custody on September 28 after completing a four-month sentence in a California-based low-security prison, Lompoc II. The crypto mogul, who has been banned from the Binance leadership for lifetime, has decided to remain a part of the blockchain ecosystem as an investor. Zhao was sentenced to four months in prison on April 30 after he pled guilty for failing to deploy adequate anti-money laundering measures on the exchange and for prioritising 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 the prison with multiple tweets. In one of his first public statements posted on X following his release, the multi-billionaire hinted that he is looking to fund projects related to blockchain, decentralised technologies, Artificial Intelligence (AI), and biotech. 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 am a long-term investor who cares about impact, not returns. There are always more opportunities in the future than there were in the past,” stated Zhao, who goes by the X handle @cz_binance.
After Zhao pleaded guilty in November 2023, he stepped down from his role as the 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 back-seat-driving, which is excellent. Every founder’s dream!”
Back in March 2024, Zhao said he was launching a new project called Giggle Academy as a free-for-all 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 has been “going well”.
gm, the food taste so good… And what a luxury to be able to have more than one piece of fruit per day!
I know some of you may have a lot of questions. I won’t have all the answers.
Let me chill for 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 Zhao being barred from becoming part of Binance’s management team again, he remains the largest shareholder of the crypto exchange with reportedly around 90 percent shares under his belt. This gives him a vote in appointing board members and approving company policies.
