Changpeng Zhao, released from a US federal prison on Sept. 27, has said he has no desire to return as CEO of Binance.
He indicated that the role is demanding and that he has moved on from that chapter of his life. “I don’t think I want to go back” he told Bloomberg in a recent interview. “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.”
On April 30, 2024, Zhao, known as CZ, began a four-month prison sentence for failing to implement an effective anti-money laundering system at Binance, violating the Bank Secrecy Act.
This followed his guilty plea in Nov. 2023, where he admitted to facilitating transactions involving illicit funds and sanctioned countries, such as Iran and Cuba. As part of the plea deal, CZ stepped down as Binance CEO and agreed to pay a $50m fine. Meanwhile, Binance itself was hit with a $4.3b penalty, one of the largest corporate fines for such violations in US history.
However, he declined to disclose the identities of the potential buyers or the proposed amounts. Reports indicate that he holds a 90% stake in Binance.
Additionally, Zhao told Bloomberg that he received offers to sell his significant stake in Binance, which makes up most of his wealth.
On Wednesday, after Donald Trump’s win in the US presidential election, Changpeng Zhao’s wealth grew by $12.1b, raising his net worth to $52.7b.
“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.”
In September, Zhao outlined his plans to invest in areas such as artificial intelligence and biotech. He also noted his approach as a long-term investor, prioritizing meaningful impact over just financial profit.
Bloomberg reports that Zhao, who bears a Binance logo tattoo on his arm, now identifies as a passive investor in the crypto market. He claims his “felon status” has not stopped people from doing business with him.
