Binance co-founder and former CEO Changpeng Zhao finally completed his four-month prison sentence on September 27.
Changpeng Zhao, better known as "CZ," was sentenced for failing to maintain an effective anti-money laundering (AML) program at Binance. This failure allowed the platform to be abused by cybercriminals and terrorist organizations. As part of the plea agreement, Zhao paid a $50 million fine and agreed to resign from Binance.
Zhao served his sentence in a low-security prison in California and was subsequently sent to 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. Even so, Zhao Changpeng remains a significant shareholder in Binance and one of the richest people in the world, with an estimated net worth of $30 billion.
Richard Teng was appointed CEO of Binance following Zhao Changpeng's resignation. Binance continues to play a central role in the cryptocurrency industry. However, the company faces challenges in rebuilding its reputation after paying $4.3 billion to settle charges of anti-money laundering and sanctions violations. 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 Changpeng made it clear that he would not return to Binance, saying: "Binance is no longer a baby. It's time for it to walk and run." Instead, Zhao Changpeng will turn his focus to education and charity. In fact, Zhao Changpeng recently launched Giggle Academy, a non-profit online education platform that aims to provide free educational resources to children under the age of 13 in developing countries.
The academy will cover subjects such as mathematics, science, entrepreneurship, blockchain and artificial intelligence, aiming to equip young students with the skills they will need for the future.
Zhao Changpeng expressed his hope to use his experience building a global software platform to have a positive impact on the world, and said education is the "most impactful thing" he can focus on in the next chapter of his life.
Although Zhao Changpeng has no plans to lead another company, he is willing to mentor aspiring entrepreneurs and invest in projects related to decentralized finance (DeFi), blockchain, and artificial intelligence. Zhao Changpeng's supporter, venture capitalist Tim Draper, expressed optimism that even if Zhao Changpeng leaves Binance, he will continue to make significant contributions to the cryptocurrency and technology fields.
The article is for reference only and does not constitute investment advice.
