Highlights:
- CZ breaks silence after release from prison, outlining future plans after serving a four-month sentence for Bank Secrecy Act violations.
- He will focus on Giggle Academy, investing in blockchain, AI, and biotech, prioritizing long-term impact over immediate returns.
- Despite stepping down as CEO, CZ reassures that Binance is performing well without his direct involvement.
Changpeng Zhao, also known as CZ, the former CEO and founder of Binance, has spoken publicly for the first time since his release from federal prison. CZ, who stepped down as CEO after pleading guilty to charges related to Binance’s operations, has outlined his future plans, focusing on philanthropy and technology investments.
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The court sentenced CZ to four months in prison after he admitted to violating the Bank Secrecy Act by failing to implement proper anti-money laundering (AML) controls at Binance. After serving three months in a low-security prison in California, authorities transferred him to a halfway house in Long Beach. Due to legal provisions that allow early release when the scheduled date falls on a weekend or holiday, officials released CZ earlier than expected. His early release occurred on September 27, just days ahead of the original release date.
Following his release, CZ took to X (formerly Twitter) to share his first public message as a free man. “Good morning, the food tastes so good… And what a luxury to be able to have more than one piece of fruit per day!“ he wrote, offering a lighthearted glimpse into his initial experiences outside prison. CZ’s post quickly garnered attention, as the former CEO has been a key figure in the cryptocurrency space.
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 🔶 BNB (@cz_binance) September 29, 2024
Long-Term Focus on Technology and Philanthropy
In his update, CZ elaborated on his next steps, making it clear that he plans to focus on long-term investments in several emerging technologies. He highlighted blockchain, artificial intelligence (AI), and biotechnology as areas of interest. CZ emphasized that his approach is centered on making an impact rather than seeking immediate financial returns.
In addition to these investments, CZ reaffirmed his dedication to philanthropy. He specifically pointed to Giggle Academy, an educational initiative he launched earlier this year, as a significant part of his future plans. The academy aims to provide free education for children in developing countries. CZ indicated that this project will occupy much of his time in the coming years, reflecting his shift toward charitable endeavors.
Moreover, CZ confirmed that he is in the process of writing a book, which he noted is two-thirds complete. While he has yet to provide many details about the book, it is expected to cover his experiences in both the technology and cryptocurrency sectors. CZ acknowledged that writing has been more challenging than anticipated but expressed his determination to see the project through.
Binance’s Future Without CZ at the Helm
Despite stepping down from his role as CEO, CZ remains closely tied to Binance, owning a 90% stake in the company. He expressed satisfaction with the company’s performance in his absence, describing its continued success as every founder’s dream. While the Department of Justice has prohibited CZ from taking on any active role within Binance, his significant ownership stake ensures he will continue to have influence.
Binance has faced its share of legal challenges following the investigation that led to CZ’s conviction. The U.S. Department of Justice found that the exchange had processed thousands of suspicious transactions without proper oversight, contributing to violations of U.S. law. As part of a settlement, Binance was fined $4.3 billion. Moreover, CZ personally paid a $50 million fine as part of his plea deal. He also stepped down from the company in November 2023 as part of the agreement.
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