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Changpeng Zhao, the founder of Binance, has returned to the public eye after a significant legal and personal ordeal. The billionaire crypto mogul, known to most as "CZ," emerged from U.S. federal prison in April after a four-month stint following a legal settlement with the U.S. Department of Justice that included a $4.3 billion dollar fine.
Despite his return to the crypto scene, CZ isn’t picking up where he left off as CEO of Binance, the world’s largest cryptocurrency exchange. Instead, he's embracing a new role—one that distances him from the day-to-day operations of the exchange he built in 2017 and helped propel to global dominance.
Zhao, who was sentenced to prison after pleading guilty to failing to implement sufficient anti-money laundering controls at Binance, was forced to step down as CEO as part of the settlement. While his legal troubles are behind him, his journey is far from over. Upon his release, he returned to public life with an appearance in Dubai last week at the two-day Binance Blockchain Week Dubai 2024 conference, where he was greeted by an enthusiastic crowd.
But this new chapter for CZ is focused on different pursuits beyond crypto leadership.
In an interview with Bloomberg, CZ explained that his time as Binance’s CEO is now firmly in the past. He revealed that his departure from the role was something he had come to terms with during his time in prison. “I don’t think I want to go back to being CEO,” CZ said, repeating comments he made on stage in Dubai.
“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,” he added.
Binance has continued to operate under the leadership of new CEO Richard Teng. The company has implemented significant changes to improve compliance and regulatory adherence.
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Though he remains the controlling shareholder of Binance with a 90% stake in the company, Zhao emphasized that he no longer sees himself as the company’s leader, and that he is content with his new status as a “passive investor.” His comments make it clear that he has no immediate plans to return to the helm, even though his significant stake in the company ensures his continued influence in the crypto world.
“I’m happy to review every offer [to sell my stake], but so far I haven’t done anything,” CZ said, though he made it clear he’s not necessarily married to his Binance shares forever. The idea of selling them hasn’t been ruled out, but for now, his focus lies elsewhere.
As he transitions to a more passive role, Zhao, who holds an estimated $53 billion fortune, is exploring new ventures.
He also expressed excitement about his new project, Giggle Academy, an educational app designed to help young people learn coding, blockchain technology, and other critical digital skills.
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Despite his departure from Binance’s executive ranks, Zhao remains a key figure in the broader crypto ecosystem. At his appearance in Dubai, he acknowledged the challenges the industry has faced in recent years, including increased regulatory scrutiny, but also expressed confidence in the future of digital assets, and said he is "long-term very very bullish" on the industry.
Referring to crypto's four-year market cycle, CZ said, “Next year, I don't know what's going to happen. Overall though, for the industry, there's so much more that needs to be built,” Zhao said, emphasizing that he remains bullish on crypto's future. “The industry will get bigger. More and more people will use crypto”
Indeed, the market’s cyclical nature has already been on full display in recent days, with a dramatic rally following Donald Trump’s victory in the U.S. presidential election. CZ's net worth surged by $12.1 billion in a single day after the election, thanks to the optimism that Trump's pro-crypto stance has revived in the market.
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