- Following his release from U.S. custody, Binance co-founder Changpeng Zhao (CZ) announced plans to continue investing in blockchain, AI, and biotech.
- Despite stepping down as Binance CEO, CZ remains committed to long-term ventures aimed at making a lasting impact.
Changpeng Zhao, co-founder of Binance and one of the wealthiest crypto figures, has made his first public statement since being released from U.S. custody. Zhao pledged to continue investing in blockchain technology and outlined his vision for the future. This year, he served a four-month sentence in California and paid a $50 million personal fine as part of a plea agreement.
Binance’s CZ Zhao Vows To Invest More In Blockchain
In a post on X (formerly Twitter), Zhao hinted at future ventures, including continued investments in blockchain, artificial intelligence, and biotechnology. “I am a long-term investor who cares about impact, not returns,” Zhao wrote.
For further context, CZ’s recent incarceration was tied to a $4.3 billion penalty imposed on Binance in November 2023. The fine was part of a settlement with U.S. authorities over charges that the platform’s lapses in compliance had aided criminals and terrorist organizations.
Following the plea deal, Zhao stepped down as CEO of Binance, with Richard Teng assuming the role. Despite his departure from daily operations, Zhao reassured followers that “Binance seems to be doing well without me back-seat-driving, which is excellent. Every founder’s dream!”
Beyond his financial commitments, Zhao shared his plans to invest more time and resources into philanthropy and education. He spotlighted his latest project, Giggle Academy, a nonprofit online learning platform. “Giggle Academy has been going well and will be a big part of my life for the next few years,” Zhao said.
The billionaire also disclosed that he is working on a book, which is two-thirds complete. “Writing a book is a lot more work than I anticipated, but I will see this one through,” CZ admitted. As reported by CNF earlier this month, Zhao has been banned from Binance leadership for a lifetime.Â
Despite his legal troubles, Zhao’s net worth remains above $60 billion, making him the richest person ever to serve time in a U.S. correctional facility. The high net worth suggests that his investments in blockchain and other sectors could be massive. Hence, Zhao concluded by encouraging his followers to “stay tuned” for future development.
BNB Price Action
Though the BNB price is dropping today, it experienced a parabolic surge after CZ’s early release on Friday, September 27. Originally scheduled to walk free on Sunday, September 29, he got released two days early owing to prison policies, per the CNF report. This marked a surprise moment for the crypto industry and investors alike.
The BNB price jumped to a high of $617.33 as CZ set foot outside the prison facility. However, the gains seem short-lived as it slumped to the $580 level. At press time, the BNB price fell 2.49% to $580.64 on Monday, September 30. Moreover, the 1-week returns now show a loss of around 1.50%, wiping off the profits tied to Zhao’s release.
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