Changpeng Zhao (CZ), the former CEO of Binance, is out of prison and vows to increase his investment in technology sectors such as blockchain, artificial intelligence, and biotechnology.
Binance co-founder and former CEO, Changpeng Zhao (CZ) was released from custody after serving a four-month prison sentence in the US.
The crypto billionaire pledged to keep investing in the blockchain sector as well as artificial intelligence and biotechnology, in his first public comments made on X social media over the weekend.
Zhao also emphasized that his focus is on making a long-term impact rather than financial returns. Thus, he plans to dedicate more time to charitable initiatives, like his educational project, Giggle Academy, which provides free global education using blockchain technology.
In late 2023, CZ pleaded guilty to breaking sanctions and money laundering. His brainchild – crypto exchange Binance – was set to pay $4.3 billion to settle the criminal charges, one of the largest penalties ever obtained by the US from a corporate defendant.
CZ resigned from the company after a long trial process where Binance was accused of enabling illicit transactions, including those involving users in sanctioned countries and terrorist groups. The crypto mogul also paid a criminal fine of nearly $1.81 billion and a $2.51 billion order of forfeiture to settle three criminal charges, including conducting an unlicensed money-transmitting business, conspiracy, and violating the International Emergency Economic Powers Act.
Binance saw about $956 million in outflows in 24 hours after its CEO, Changpeng Zhao, stepped down. Despite being a significant sum, relative to Binance’s total holdings the amount of outflows is quite small and lower than could have been expected in such a situation. Many of Binance customers and crypto enthusiasts remained loyal to the crypto exchange and CZ himself, praising his release in social media comments.
Binance’s reputation remains mixed as of 2024, as the crypto exchange continues to face significant regulatory challenges across various regions, including ongoing investigations in the U.S. for violations of the Securities Act and misleading investors.
Despite these concerns, Binance has remained resilient. The platform is still the largest crypto exchange by trading volume, and many traders appreciate its wide range of cryptocurrencies, low fees, and extensive trading features. Besides, the exchange’s recent efforts to improve security, including two-factor authentication and other measures, have helped boost customer trust.
