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Changpeng ‘CZ’ Zhao, the founder and ex-CEO of Binance Exchange has always had a knack for keeping the world intrigued. Recently, he shared that he had received an offer to sell his majority stake in Binance. However, in true CZ style, he kept the identity of the interested buyer undisclosed.
Despite his openness to future offers, he remains undecided on how long he will retain his shares. With a net worth estimated at $61 billion, Zhao’s decisions reverberate well beyond Binance, shaping the future of the industry itself.
Who Wants Zhao’s Stake?
For years, CZ’s 90% stake in Binance has been the foundation of his vast wealth and influence. Binance, once a scrappy startup, quickly became a financial titan under Zhao’s leadership.
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Recently, rumors swirled about a possible acquisition after Zhao revealed he had received an offer to sell his stake. But he has kept the details close to his chest, leaving industry insiders speculating.
The implications of Zhao parting with his Binance stake could be monumental, especially considering his ties to the platform’s identity and growth.
Zhao’s openness to selling also raises questions about his next chapter. Although he is open to receiving additional offers, it is not clear if he is prepared to let go of Binance anytime soon. Zhao once described Binance as his child and has spent years building it from the ground up.
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From Binance CEO to Regular Shareholder
Following regulatory scrutiny and U.S. legal challenges, Zhao stepped down as Binance CEO last November. Zhao describes himself as a regular shareholder as he declared that Binance is now a grown-up entity.
Regulatory limitations also prevent him from resuming any leadership role at the exchange. The change may be difficult for some in the crypto world to reconcile, given his influence. However, Zhao insists his leadership role is now firmly behind him.
The Fall and Redemption of the “Big Bitcoin Guy”
While Zhao’s decision to step down was significant, his life took an unexpected turn when he faced legal consequences in the U.S. earlier this year.
After pleading guilty to violating anti-money laundering regulations, he served a brief sentence at the Lompoc II correctional facility in California.
At Lompoc, Zhao experienced an odd reality where few recognized him despite his fame in crypto. Inmates who knew him called him the “Big Bitcoin Guy” and asked for investment advice.
One of the most surprising connections he formed was with a bank robber who was particularly knowledgeable about cryptocurrency.
Once the driving force behind Binance, CZ is now pursuing a new path. His story highlights the complexities of power, fortune, and resilience in the rapidly evolving crypto world.
