Changpeng Zhao (CZ) is a free man for the first time in months. Since April, CZ has been in federal custody after agreeing to return to the U.S. from Dubai in order to serve a four-month sentence for failing to implement proper anti-money laundering controls at Binance, the giant crypto exchange he founded.
During this time CZ spent around two months at a minimum security prison in the California desert before being transferred to a halfway house in Long Beach. CZ’s options may seem limitless as he’s amassed a personal fortune of $60 billion, placing him as the 25th-wealthiest person in the world and it well known that he will not be returning to Binance. So what's next?
CZ mentioned in his farewell X post, “Binance is no longer a baby. It is time for me to let it walk and run.” In this farewell message on X, he hinted he would like to dive into the sector of decentralized finance (DeFi). With his fortune, the possibilities are limitless and he could start backing many projects which is enough to create some buzz in the space. He said that he can’t see himself leading a startup as a CEO, I'm expecting him to take a more mentorship role in helping upcoming entrepreneurs
CZ is also looking to help those in need. He is already working on an educational platform called Giggle Academy. This platform aims to aid children under 13 years old in developing countries who do not have access to education. Giggle Academy will focus on offering basic knowledge in fields such as math, science, physics, biology or finance. The free academy also intends to cover topics current schools don’t teach,”such as negotiations, finance, entrepreneurship, sales, legal, accounting, blockchain and artificial intelligence. At this point I think he was to stay clear of the law and start focusing on he can help others. I think there will be some very scrutinizing eye from regulators and governement on what comes next for cryptos most famous exchange founders.
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For us Binance is very important and requires your activity, it is good to keep us informed.
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Changpeng Zhao is the 25th richest man in the world and fighting for crypto. Their contribution will be immortalized in the crypto world.
I think he did a good thing for the sake of the company. And maybe it was time for something new. Curious on what his next step will be!