YEREVAN (CoinChapter.com) — Changpeng Zhao, the former CEO of Binance, completed his four-month prison sentence on Friday. Zhao, also known as CZ, was in U.S. federal custody following his plea deal in 2023. The deal barred him from managing Binance for three years and included a $50 million fine. Zhao pled guilty to a money laundering charge, leading to his exit from the crypto exchange he co-founded.
During Zhao’s time in a California correctional facility, Binance was placed under the supervision of two monitors: Sullivan & Cromwell and Forensic Risk Alliance. These organizations have been ensuring the company’s compliance with the settlement terms.
Binance’s New CEO, Richard Teng, in Charge
Binance appointed Richard Teng as the new CEO following Zhao’s departure. Zhao expressed satisfaction with Teng’s leadership and Binance’s current direction. In a recent post on X, Zhao remarked,
“Oh, Binance seems to be doing well without me back-seat-driving, which is excellent. Every founder’s dream!”
Zhao seems content to let Binance continue under Teng’s management.
CZ Post-Release Statement. Source: @cz_binance
Although Zhao is no longer involved in Binance’s daily operations, he has kept an eye on the company’s progress.
Zhao’s Investment Plans in Blockchain and AI
While Zhao has stepped away from Binance, he has no plans to exit the crypto industry altogether. Instead, Zhao hinted at shifting focus to blockchain and AI investments. Zhao stated,
“I am a long-term investor who [cares] about impact, not returns.”
His new role as an investor will see him supporting projects related to decentralized technologies and artificial intelligence.
Giggle Academy and Philanthropic Efforts
Changpeng Zhao also announced plans to prioritize his nonprofit, Giggle Academy. This online education platform, launched before his sentencing, aims to provide free education for students in grades 1 through 12. In addition to Giggle Academy, Zhao plans to contribute more time and resources to charity, focusing on education. He stated,
“I will also dedicate more time and funding to charity (and education).”
CZ Announces Giggle Academy. Source: @cz_binance
Changpeng Zhao Nearing Completion of His Book
Zhao has also been working on a book, which he mentioned earlier this year. In a recent update on X, he shared that the book is nearly complete. He admitted the process was more difficult than anticipated but remains determined to finish.
“Writing a book is a lot more work than I anticipated, but will see this one through,”
Zhao said.
The book’s completion adds another dimension to Zhao’s post-Binance life, reflecting his continued productivity during his time in custody.
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