Former Binance CEO Changpeng Zhao, or CZ, said he would be 'doubling down on all his investments' in the blockchain space as he walked out of an American jail after four months.
Zhao was serving time in jail for not having a proper anti-money laundering system in place at Binance. While speaking with Bloomberg, Zhao said he intends to shift his focus to impactful long-term investments over ones that give high financial returns.
Investments in Blockchain, AI, and Biotech
Zhao recently took to X (formerly Twitter) and shared that he is looking at diversifying his investment portfolio. He is looking forward to investment not only in blockchain but also in artificial intelligence and biotechnology.
CZ also added, "I invest for the reason that I want to change the world, not in pursuit of a return on finance."
Giggle Academy and Charity Work
Zhao also announced his focus on an educational initiative, Giggle Academy, a free, global education for students between grades 1 to 12. Giggle Academy integrates gamification, adaptive learning, and blockchain technology.
The "soul-bound tokens" are given as a certificate of achievement. According to him, the project, without any revenue model in mind, will be one of the main focuses for the next few years.
Apart from teaching, Zhao promised to increase his philanthropic efforts after his return to society.
New Chapter: CZ Writes a Book
Another project, a book Zhao is working on is scheduled to be published which is two-thirds written. He did not reveal a particular date for the release of the same or additional information.
Overdose Imprisonment and Court Trial End
Criminal charges against Zhao arise from his November 2023 guilty plea. He pleaded guilty to permitting transactions related to criminal proceedings in countries like Iran and Cuba. He was sentenced on 30 April 2024 to serve four months in prison.
This verdict was followed by a guilty plea for breaking the US Bank Secrecy Act for Binance not implementing anti-money laundering policies properly.
In response, Zhao agreed to step down as the CEO of Binance and paid a US$50 million fine as part of the plea. Binance too faced one of the heaviest corporate fines ever in US history at US$4.3 billion for such infringement.
Net Worth and Future Prospects
CZâs business and finances have suffered in the wake of these issues. However, Zhao's net worth has not, which stands at US$30.8 billion, based on the Bloomberg Billionaires Index. His wealth is largely attributed to his ownership interest in Binance, the largest cryptocurrency trading exchange in the world.
Shortly after his release, CZ revealed his using crypto for education, charity causes, and long-term investment in developing sectors. Thus, Changpeng Zhaoâs influence in the blockchain and tech globe seems still far from being over.