CZ Released from Jail After Four-Month Sentence, Shifts Focus to Education
Changpeng Zhao, the co-founder and former CEO of Binance, has finally completed his four-month prison sentence on September 27.
Zhao, commonly known as CZ, was sentenced after pleading guilty to failing to maintain an effective anti-money laundering (AML) program at Binance, a lapse that allowed the platform to be misused by cybercriminals and terrorist groups. As part of his plea deal, Zhao paid a $50 million fine and agreed to step down from his role at Binance.
Zhao’s sentence was served in a minimum-security facility in California, followed by a stay at a halfway house in Long Beach. Although he has fulfilled his legal obligations, the plea agreement permanently prohibits him from holding any executive position at Binance. Despite this, Zhao remains a significant shareholder and one of the wealthiest individuals in the world, with an estimated net worth of $30 billion.
Following Zhao’s resignation, Richard Teng was appointed CEO of Binance, which continues to play a central role in the cryptocurrency industry. However, the company has faced challenges in rebuilding its reputation after paying $4.3 billion to settle accusations of violating anti-money laundering and sanctions regulations. Binance is also in the process of appointing its first board of directors and establishing a permanent global headquarters.
In a farewell post on social media, Zhao made it clear that he would not be returning to Binance, stating, “Binance is no longer a baby. It is time for me to let it walk and run.” Instead, Zhao is shifting his focus toward education and philanthropy. In fact, Zhao recently launched Giggle Academy, a nonprofit online education platform aimed at providing free educational resources to children under 13 in developing countries.
The academy will cover subjects like math, science, entrepreneurship, blockchain, and artificial intelligence, with the goal of equipping young students with the skills they need for the future.
Zhao has expressed a desire to use his experience in building global software platforms to make a positive impact on the world, stating that education is “the most impactful thing” he could focus on in this next chapter of his life.
Although he has no plans to lead another company, Zhao is open to mentoring aspiring entrepreneurs and investing in projects related to decentralized finance (DeFi), blockchain, and artificial intelligence. Venture capitalist Tim Draper, a supporter of Zhao, expressed optimism that he would continue to make significant contributions to the cryptocurrency and technology sectors, even as he moves on from his role at Binance.
