Changpeng Zhao (CZ) took the stage for the first time at Binance Blockchain Week in Dubai on Thursday before a packed room to discuss his time in prison and his future plans. The former Binance CEO served four months in prison for violating the U.S. Bank Secrecy Act and other legal issues.
CZ, though looking old and humbled by recent challenges, was given a standing ovation as he took the stage at the landmark event held at the Coca-Cola Arena in Dubai. Despite his imprisonment, CZ retained his signature charm and calm resilience, reflecting on the loss and strength he gained from the experience.
He candidly discussed life in prison, emphasizing that time in prison helped him reflect on the importance of human relationships. Prison also helped CZ refocus his priorities in life. CZ reflected:
“So, I think the whole experience is just very limiting in many ways, right? So, your freedom is taken away and you have nothing to do, so it gives you a lot of time to reflect. I actually learned a lot of really important lessons. For example, when everything is taken away from you, what do you miss the most? What I really realized is the connection between people that I miss the most. I miss the kids, family, friends, colleagues, and my [Binance] community.”
When asked if he thinks he was sentenced fairly, CZ replied that it is very "subjective," adding that the judge is doing a difficult job.
“If you ask one side, they will say no, [the four-month prison sentence] is too lenient. If you ask the other side, they will say it is too harsh.”
Zhao's legal troubles began in late 2023 when the U.S. government launched a comprehensive investigation into Binance's operations. CZ was arrested on charges of violating several U.S. financial laws, including allegations related to money laundering, operating an unlicensed money transfer service, and facilitating illegal transactions through the Binance platform.
CZ also expressed surprise to learn that current U.S. presidential candidates, former President Donald Trump and Vice President Kamala Harris, have begun discussing cryptocurrency in their campaigns.
CZ Creates a Prison Community
When asked if he made friends in prison, CZ replied yes.
“So, you have to make friends. Otherwise, if you're lonely, if you don't have a community, then you won't have a good outcome.”
"A few prison guards recognized me and asked me, like, which coin I should buy? I thought, it's better if I don't pick the wrong coin," CZ said, a remark that made the audience laugh.
What is CZ's Next Step?
CZ stated that he remains a shareholder of Binance but no longer participates in any decisions at this cryptocurrency exchange. The former CEO expressed optimism about cryptocurrency.
On stage, CZ introduced Giggle Academy, a non-profit online education platform offering free basic education to individuals with limited access, particularly targeting the 1.2 billion underserved individuals worldwide.
CZ, wearing a t-shirt with the Giggle Academy logo, explained that the organization's mission is to bridge the educational gap, providing accessible learning resources to empower underprivileged communities.
With this initiative, CZ said he envisions a comprehensive educational context where knowledge is a fundamental right rather than a privilege. He emphasized the desire to support entrepreneurs.
