On October 31, at 4 PM local time, Binance founder CZ (Changpeng Zhao) appeared on stage at the Dubai Binance Blockchain Week 2024. This was his first public appearance after four months of imprisonment. Although he had previously stated on social media that he would attend in a personal capacity, CZ ultimately engaged in dialogue with the public. He not only talked about his days spent in prison but also shared his views on the cryptocurrency market and future personal plans, including his deep involvement in the educational project Giggle Academy. CZ's sharing showcased a different side of him, one that emphasizes social impact and a long-term vision for education.
I. CZ's public statement: How does he view the future?
CZ admitted that his experience in prison was not easy, but it helped him re-evaluate his priorities in life. Although he lost his freedom, he reflected a lot during his imprisonment, especially missing his family, friends, and community, which made him realize the importance of interpersonal relationships. He mentioned that while he did not suffer any physical harm in prison, the prison life was not smooth sailing either, but he felt lucky not to encounter any trouble; most of the inmates were very friendly and even helped him through a unique life experience. He also revealed that some prison guards were interested in cryptocurrency and even consulted him on crypto investment questions, which surprised him.
He also noticed that many people were sentenced to prison for trivial reasons. For example, he met a friend who had been imprisoned for 27 years for possessing marijuana 40 years ago, even though marijuana is now legal in some areas. Through this experience, CZ gained a deeper understanding of the U.S. imprisonment system and began to cherish the value of freedom.
The following is the content of CZ's speech after his release:
"Hello everyone, I am very happy to communicate with you again. After experiencing the past four months of detention, I have had a lot of time to reflect and have a clearer direction for the future. I realized that the future of the cryptocurrency industry needs more compliance, transparency, and educational support. Although I will no longer manage Binance's daily affairs, my commitment remains in the progress and innovation of the cryptocurrency industry, especially in the popularization of Web3.
I plan to support more educational projects to help people better understand cryptocurrency and blockchain technology. To this end, I will continue to promote collaboration with Giggle Academy and support the dissemination of cryptocurrency knowledge. I believe that through education and compliance efforts, blockchain technology can change the world. I am hopeful for the future and will continue to support this industry, encouraging more people to understand and apply blockchain in different ways. Thank you for your support; I will always be a part of the cryptocurrency community."
CZ mentioned that although he will no longer participate in Binance's daily management, he will continue to actively engage in the development of Web3 technologies, especially in cryptocurrency education. For example, he will support educational projects to help the public better understand cryptocurrency technology. CZ seems to want to take on a more prominent role as a promoter of the cryptocurrency industry in the coming days, focusing on education and compliance.
II. The impact of CZ's release on Binance.
Market confidence may rebound.
CZ's return may drive a rebound in investor confidence. Although he is no longer the manager of Binance, his status and influence in the industry will instill confidence in many investors about Binance's prospects. This could have a positive impact on Binance's market expansion.He may still have influence behind the scenes.
Although CZ has clearly stated that he will not participate in Binance's daily management, his industry status may lead Binance's management to seek his opinions on some important strategies, especially when facing global market and regulatory challenges. While he will not be directly involved in management, his thoughts will continue to influence Binance to some extent.The expansion of the Web3 ecosystem may accelerate.
CZ stated that he will continue to focus on Web3 and educational projects, particularly promoting collaboration with Giggle Academy. If Binance can continue to expand in the Web3 field, it will attract more user attention and increase user stickiness. The cryptocurrency industry is full of possibilities in the vast space of Web3, which would be a good direction for Binance.Easing or challenges in regulatory relationships.
CZ's release may prompt regulatory agencies in some countries to re-focus on him and Binance's movements. CZ's actions may help Binance ease relationships with some governments and regulatory agencies, but may also bring new regulatory requirements. How Binance handles this complex relationship will directly affect its future development.Stability of the Binance brand.
CZ's statements demonstrate the stability of Binance and the independence of its management team. His departure from the management team may actually help Binance be more grounded in compliance development, and this stable brand image may further consolidate Binance's user base globally.Industry competition may intensify.
CZ's return has invigorated the cryptocurrency market again, and may also stimulate other exchanges to accelerate their business expansion and compete for more market share. CZ's personal influence remains, which may push Binance's industry competitors to act more quickly, making market competition more intense.
III. The impact of CZ's release on BNB.
CZ's release may temporarily boost BNB's price as investor confidence in Binance grows, viewing it as a positive signal. However, since CZ stated he would no longer participate in daily management, market reactions may gradually stabilize. Additionally, regulatory pressure and market fundamentals will also influence BNB's long-term trajectory. If Binance can successfully advance Web3 and educational projects, it may support BNB's long-term value, but the overall trend still needs to pay attention to compliance and market sentiment changes.
IV. Conclusion: What is the future of Binance?
CZ's return brings new hope and attention to the cryptocurrency industry and Binance. Although he has stated that he will no longer engage in daily management, he will continue to contribute to the industry through education and promoting Web3 development. For Binance, challenges remain, especially in the context of global compliance and a fiercely competitive market environment. How Binance finds its development path will directly determine its position and future in the cryptocurrency industry.
