- Changpeng Zhao was released from prison two days early after serving four months for failing to maintain an effective anti-money laundering program.
- Despite his release, CZ faces restrictions on his involvement with Binance and is expected to shift his focus toward decentralized finance and mentoring new innovators in the blockchain space.
Co-founder and former CEO of Binance, Changpeng Zhao, better known as CZ, was released from prison on Friday, two days ahead of schedule.
CZ was sentenced to four months in April after pleading guilty to failing to maintain an effective anti-money laundering program. He was fined $50 million, while Binance agreed to pay $4.3 billion in one of the largest corporate settlements ever.
The Federal Bureau of Prisons did not comment on the details of his early release.
Zhao's prison term was set to end on Sunday, but prison rules allow inmates to be released the last weekday before a weekend or holiday, unless there's a reason to keep them longer. Regardless of his release date, Zhao will still face strict limits on his involvement with Binance, the world’s largest crypto exchange, which he founded in 2017.
What's Next for CZ?
CZ, with a personal fortune of $60 billion, ranks as the 25th wealthiest person in the world. However, experts say that he won't be returning to Binance. In fact, the company's plea agreement from Nov. 21 states that CZ is barred from any future role in managing or operating the crypto exchange.
In a recent interview, Binance’s new CEO Richard Teng sidestepped questions about CZ’s future role but confirmed he remains a major shareholder. As CZ himself stated in his farewell post on X, “Binance is no longer a baby. It’s time for me to let it walk and run.”
In a post on X (formerly Twitter), CZ expressed gratitude for the support he received during his time in prison, stating, "Thank you for your support. It meant a lot to me and kept me strong in the darkest moments."
gm, the food taste so good... And what a luxury to be able to have more than one piece of fruit per day!
— CZ 🔶 BNB (@cz_binance) September 29, 2024
I know some of you may have a lot of questions. I won't have all the answers.
Let me chill for a bit. Then figure out the next steps. There are always more opportunities in… https://t.co/9hvgp8Bo97
He shared updates on his future plans, mentioning that his venture, Giggle Academy, has been progressing well and will play a significant role in his life in the coming years.
CZ also emphasized his commitment to investing in blockchain, decentralized technologies, artificial intelligence (AI), and biotech, focusing on impact rather than immediate returns. Additionally, he plans to dedicate more time and funding to charity and education and is working on a book that is about two-thirds complete.
Venture capitalist Tim Draper believes Zhao will continue to thrive, perhaps driving us closer to a Bitcoin-powered economy. Zhao hinted at a shift toward decentralized finance (DeFi), possibly backing promising blockchain, AI, and biotech startups as an investor.
Though he doesn’t envision himself as CEO of a new venture, his entrepreneurial spirit suggests he won’t fade from the scene.
“@binance seems to be doing well without me back-seat-driving, which is excellent. Every founder's dream!” he remarked, concluding with, “Stay tuned. See you at the conferences.”
Edited by Harshajit Sarmah
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