On September 27, 2024, Binance co-founder and former CEO Changpeng Zhao finally ended his 4-month imprisonment.
Changpeng Zhao, often referred to as "CZ," was sentenced for failing to maintain an effective anti-money laundering (AML) program at Binance. This failure allowed the Binance 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 his position at Binance.
After serving time in a minimum-security prison in California, Zhao was 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 has become one of the richest people in the world with a net worth of approximately $30 billion.
Richard Teng was appointed CEO of Binance after Zhao Changpeng resigned. Binance continues to occupy a central position in the cryptocurrency industry, however, the company faces the challenge of rebuilding its reputation after paying $4.3 billion to settle charges of anti-money laundering and sanctions violations. Currently, Binance is appointing its first board of directors and establishing a permanent global headquarters.
Changpeng Zhao’s influence on BNB:
Zhao Changpeng’s release from prison has pushed up the price of BNB token to $618, but it has now fallen back to $582.
Personal influence blessing:
As the co-founder and former core leader of Binance, Zhao Changpeng has a very high reputation and influence in the cryptocurrency circle. His personal image and reputation are closely linked to Binance, which indirectly enhances the brand awareness of BNB. Many investors pay attention to and invest in BNB because of their trust and recognition of Zhao Changpeng.
Zhao Changpeng frequently attends various industry conferences and accepts media interviews, actively promoting Binance's business and philosophy around the world. This exposure has also brought more attention to BNB coins and attracted new investors to enter.
CZ's future direction:
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." Since then, Zhao Changpeng has shifted his focus to education and charity. Recently, he launched Giggle Academy, a non-profit online education platform that aims to provide free educational resources for children under the age of 13 in developing countries. The academy covers subjects such as mathematics, science, entrepreneurship, blockchain and artificial intelligence, and is committed to enabling young students to master the skills needed for the future.
Zhao Changpeng said that he hopes to use his experience in building a global software platform to have a positive impact on the world, and believes that education is the most influential focus 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, is optimistic about this. He believes that even if Zhao Changpeng leaves Binance, he will continue to make significant contributions to the field of cryptocurrency and technology.
