Changpeng Zhao (CZ), the billionaire founding father of Binance, made his return to the general public eye on the Coca-Cola Arena in Dubai, after his recent release from Federal Correctional Institution Lompoc II, where he served 4 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.” Nonetheless, despite the nice and cozy reception, Zhao isn’t returning to guide Binance, as his plea cope with the Deparment of Justice (DOJ) prohibits him from taking the reins again.
“I don’t think I need to return to being Binance’s chief executive officer,” CZ reflected in an interview with Bloomberg. “I’ve been leading the corporate for seven years. I enjoyed it. It’s a variety of work. But I believe 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 good portion of his wealth.
While Bloomberg reports that Changpeng Zhao is open to considering offers, he has yet to determine about his stake within the exchange, which currently stands at a considerable 90%.
Zhao’s departure from lively management coincided with Binance’s agreement to pay $4.3 billion for violations related to US sanctions. The corporate has continued to operate under the leadership of recent CEO Richard Teng, who has appointed a latest board of directors to make sure further compliance with regulators worldwide.
Bloomberg also learned in the course of the interview that Zhao’s relationship with Binance stays strong, as evidenced by his continued influence whilst he steps back from day-to-day operations. His controlling stake keeps him intertwined with the corporate’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 within the US—a development that has positively impacted crypto prices. Zhao’s net price has also surged to almost $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.
Nonetheless, Zhao stays optimistic concerning the way forward for 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 along with his family, Zhao is exploring latest ventures beyond cryptocurrency. He’s 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 stays 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 baby grow independent. While he doesn’t wish to reclaim the CEO role, he acknowledges his lasting reference to the corporate he built. “It’s like a child, right? Once it grows up, it doesn’t should be attached to me.”
When writing, the exchange’s native token, Binance Coin (BNB), is trading at $599, up 2.5% within the last 24 hours.
Featured image from DALL-E, chart from TradingView.com