Changpeng Zhao (CZ), the billionaire founder of Binance, made his return to the public eye at the Coca-Cola Arena in Dubai, after his recent release from Federal Correctional Institution Lompoc II, where he served four months for failing to implement adequate anti-money laundering (AML) measures at Binance.
Strong Emotional Ties To Binance’s Future
Amid cheers from supporters, some referred to him as a “martyr,” while others proclaimed, “the king is back.” However, despite the warm reception, Zhao is not returning to lead Binance, as his plea deal with the Deparment of Justice (DOJ) prohibits him from taking the reins again.
“I don’t think I want to go back to being Binance’s chief executive officer,” CZ reflected in an interview with Bloomberg. “I’ve been leading the company for seven years. I enjoyed it. It’s a lot of work. But I think that chapter is that chapter.”
During his incarceration, Zhao used his time to work out, write a book, and discuss cryptocurrency with fellow inmates. As a self-described “passive investor” in crypto, he has received proposals to sell his controlling stake in Binance, representing a significant portion of his wealth.
While Bloomberg reports that Changpeng Zhao is open to considering offers, he has yet to decide about his stake in the exchange, which currently stands at a substantial 90%.
Zhao’s departure from active management coincided with Binance’s agreement to pay $4.3 billion for violations related to US sanctions. The company has continued to operate under the leadership of new CEO Richard Teng, who has appointed a new board of directors to ensure further compliance with regulators worldwide.
Bloomberg also learned during the interview that Zhao’s relationship with Binance remains strong, as evidenced by his continued influence even as he steps back from day-to-day operations. His controlling stake keeps him intertwined with the company’s future, and he admits to having an emotional attachment to Binance.
AI And Biotech Investments While Maintaining Ties To Crypto
Following Donald Trump’s recent election victory, the backdrop to Zhao’s return is a shifting political landscape in the US—a development that has positively impacted crypto prices. Zhao’s net worth has also surged to nearly $53 billion.
The return of a pro-crypto administration under Donald Trump is seen as a boon for the industry, especially after years of regulatory scrutiny under President Biden and the US Securities and Exchange Commission (SEC) lead.
However, Zhao remains optimistic about the future of Binance and the broader crypto market. He expressed satisfaction with recent developments at X (formerly Twitter), where Binance had previously invested $500 million during Elon Musk’s acquisition. Zhao noted that the pace of innovation has accelerated since Musk took over.
Now back with his family, Zhao is exploring new ventures beyond cryptocurrency. He is considering investments in artificial intelligence (AI) and biotech and plans to launch a nonprofit educational app called Giggle Academy. Although he has distanced himself from Binance, CZ remains a co-defendant in several civil actions, including those initiated by the SEC.
As Zhao reflects on his journey, he likens his relationship with Binance to that of a parent watching a child grow independent. While he does not want to reclaim the CEO role, he acknowledges his lasting connection with the company he built. “It’s like a kid, right? Once it grows up, it doesn’t need to be attached to me.”
When writing, the exchange’s native token, Binance Coin (BNB), is trading at $599, up 2.5% in the last 24 hours.
Featured image from DALL-E, chart from TradingView.com
Source: https://bitcoinist.com/cz-confirms-interest-in-selling-binance-stake/