‘I’m just a regular shareholder now’

Mila November 7, 2024

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Key Takeaways

CZ has fully detached from Binance operations and views himself as a regular shareholder now.
CZ is exploring new ventures in artificial intelligence and biotech while remaining a long-term investor.

Changpeng “CZ” Zhao, Binance’s billionaire founder, says he has no intention of returning to lead the crypto exchange following his recent release from a US prison, according to a Bloomberg report.

“I don’t think I want to go back” to being Binance’s chief executive officer, Zhao told Bloomberg in his first interview since his release. “I’ve been leading the company for seven years. I enjoyed it. It’s a lot of work. But I think that chapter is that chapter.”

Zhao, whose net worth reached almost $53 billion following Donald Trump’s presidential election victory, disclosed he has received offers to sell his controlling stake in the exchange but would not reveal details about potential buyers or amounts.

“I’m not saying that I’m going to hold onto the equity forever or not,” he said. “I’m happy to review every offer, but so far I haven’t done anything. But, you know, I’m just a regular shareholder at this point.”

The former CEO served time at Federal Correctional Institution Lompoc II after pleading guilty to failing to implement adequate anti-money laundering controls at Binance.

The exchange paid $4.3 billion in fines for violating US sanctions and operating an unlicensed exchange accessible to Americans.

During his incarceration, Zhao spent time working out, writing a book, and discussing crypto with fellow inmates.

“Many of them asked, like, which coins should they buy?” he said. Even prison guards sought his investment advice.

Zhao maintains he’s no longer involved in Binance’s operations, saying leadership consults him “very rarely” and only for “historical context.”

Binance’s day-to-day decisions are now overseen by Richard Teng, a former Abu Dhabi regulator, who assumed the CEO role amid regulatory scrutiny and legal challenges.

He is now exploring investments in artificial intelligence and biotech, while also launching Giggle Academy, a nonprofit educational app.

Regarding Binance’s $500 million investment in X (formerly Twitter), Zhao expressed satisfaction with the platform’s direction under Elon Musk:

“I think after Elon took over, things have moved a lot faster at Twitter. There’s new features, change happens at a much faster pace. I’m not too concerned about the value of the investment going up or down. We’re very long-term investors.”

While Zhao has distanced himself from Binance, his journey contrasts sharply with that of his former industry rival, Sam Bankman-Fried, the FTX founder now serving a 25-year prison sentence for fraud after FTX’s collapse.

Zhao has downplayed comparisons between their cases, suggesting that it’s like comparing “somebody who’s stealing money” to “somebody who failed to register a company.”