Former Binance CEO hints at potential next steps
Changpeng Zhao was released from his four-month sentence on Friday
Binance co-founder Changpeng Zhao | Piaras Ó Mídheach/Web Summit via Sportsfile/"PO1_4700″ (CC license)
Binance co-founder Changpeng Zhao is a free man.
Zhao was released Friday from US federal custody after a four-month prison sentence.
And, of course, we got the long-awaited “gm” post from his account on X.
The former executive gave a sneak peek into what’s next and — to no one’s surprise — he isn’t going back to Binance. But that’s to be expected, given that part of Zhao’s 2023 plea deal bars him from operating or managing Binance for three years after the appointment of a monitor.
The billionaire also paid a $50 million fine and pled guilty to a money laundering charge on top of stepping down as CEO.
Read more: Why CZ and SBF’s sentencings were so different
During Zhao’s stay in a California correctional facility, Binance appointed two monitors. We reported in June that the exchange confirmed the infamous Sullivan & Cromwell was on board, alongside Forensic Risk Alliance.
But even with that caveat, CZ seems to be happy with how new CEO Richard Teng has been handling Binance.
CZ noted: “Oh, Binance seems to be doing well without me back-seat-driving, which is excellent. Every founder’s dream!”
Zhao plans to “chill for a bit,” but that won’t stop him from once again being an active player in crypto. Though, it seems he’ll be taking on an entirely new role.
He hinted at investing, noting that he’s particularly interested in blockchain and decentralized tech, as well as AI. The areas are familiar to Zhao, though his role as just an investor would be a new one.
“I am a long-term investor who [cares] about impact, not returns,” he said.
Zhao also plans to dedicate “big part of my life” to Giggle Academy, a nonprofit online education platform. Zhao announced the project in March, before his April sentencing, saying that it would provide free education for first to 12th graders.
“I will also dedicate more time and funding to charity (and education). I have some rough ideas,” he added.
Zhao has been productive during his time at the correctional facility, according to the X update. He said he’s nearly done with the book he hinted at in May.
“Writing a book is a lot more work than I anticipated, but will see this one through,” he said.
Zhao’s release, which came on the heels of former Alameda CEO Caroline Ellison’s sentencing, shows the ever-changing landscape of crypto. Though it seems that Zhao plans to stick around, just in a different role than before.
A modified version of this article first appeared in the daily Empire newsletter. Subscribe here so you don’t miss tomorrow’s edition.
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