Former Binance CEO CZ Charts New Path After Prison Term, Plans Education Venture

TLDR:

• CZ completed a 4-month prison sentence and says he has no desire to return to Binance
• He remains Binance’s largest shareholder but is banned from executive roles
• CZ is launching Giggle Academy, an educational platform targeting 1.2 billion people
• His net worth is estimated at $19bn, making him China’s 16th richest person
• Future plans include investments in blockchain, AI, and biotech sectors

Former Binance CEO Changpeng Zhao (CZ) has confirmed he will not return to the cryptocurrency exchange he founded, following his recent release from a four-month prison sentence in the United States.

Speaking at Binance Blockchain Week, CZ addressed his future plans and reflected on his time in prison. “I don’t have any need to go back. I don’t have any wish to go back,” he stated during the conference in Dubai.

The former CEO served his prison term from June to September 2024 after reaching a plea agreement with U.S. authorities. The deal included a $50 million fine and restrictions on his involvement with Binance, though he remains the company’s largest shareholder.

CZ noted he was the first person to receive jail time for a single violation of the Banking Secrecy Act. He compared his case to others, including TD Bank’s $1.8 billion fine where no individuals faced charges.

During his incarceration, CZ found the experience “very limiting” but formed unexpected connections. “To be honest, I think there are very nice people in prison. People are very chill,” he shared. He maintains contact with some fellow inmates and is helping them with legal support.

While cryptocurrency became a hot topic for presidential candidates during his imprisonment, CZ expressed surprise at the timing. “I’m just sitting in prison like ‘What the hell happened?’ What if I waited for two months?” he reflected.

Despite his legal challenges, CZ’s financial position remains strong. He moved up 81 places on the Hurun China Rich List to become the country’s 16th wealthiest person, with an estimated fortune of $19 billion, largely due to increased cryptocurrency trading and Bitcoin’s price surge.

Looking ahead, CZ is focusing on new ventures, with Giggle Academy taking center stage.

This educational initiative aims to reach approximately 1.2 billion people worldwide who lack access to traditional education. The platform plans to use artificial intelligence, game developers, and teachers to create interactive content delivered through mobile devices.

CZ estimates the development of educational content across multiple subjects and languages could cost between $1-2 billion. He emphasized that the project prioritizes social impact over profitability.

In addition to Giggle Academy, CZ plans to invest in blockchain, artificial intelligence, and biotech sectors. He maintains what he describes as a “pretty good” relationship with Binance, with access to company information when needed.

Regarding the cryptocurrency market, CZ remains optimistic about long-term prospects while acknowledging short-term unpredictability. He pointed to Bitcoin’s historical four-year cycles and ongoing infrastructure development needs in the crypto space.

On regulatory matters, CZ observed positive developments in crypto legislation across various jurisdictions, noting that larger countries typically move more slowly in implementing regulatory frameworks.

His prison experience led to personal reflection, with CZ sharing that human connections were what he missed most during his incarceration.

While his plea agreement bars him from managing crypto exchanges, CZ clarified that there is no explicit “lifetime ban” in the agreement. “Those two words don’t exist in my plea agreement with the government,” he explained.

The relationship between CZ and Binance continues, though in a different capacity. He retains his shareholder rights while stepping back from operational duties, allowing new leadership to guide the company forward.