Binance's CZ Reveals Plans After Six-Month Prison Stint
By Vukan Ljubojevic | TH3FUS3 Senior Writer
September 1, 2024 01:00 AM
Reading time: 1 minute, 36 seconds
TL;DR After a six-month stint in a U.S. jail, Binance co-founder Changpeng Zhao (CZ) has returned with a renewed focus on education, charity, and cutting-edge technology. Although barred from Binance, his vision for the future remains ambitious.
After spending six months in a U.S. jail due to regulatory issues, Binance co-founder Changpeng Zhao (CZ) is back in the spotlight with a renewed focus.
His first public statement following his release highlights his commitment to education, charity, and cutting-edge technology. CZ clarified that while his role at Binance may have ended, his vision for the future is far from over.
In his first tweet after release, CZ shifted focus away from cryptocurrency to a broader range of impactful ventures. Describing himself as a "long-term investor" who cares about "impact, not returns," he highlighted several new projects.
New Initiatives
One of his primary efforts will be on Giggle Academy, an educational initiative that provides free global education from grades 1 to 12.
The platform uses blockchain technology and "soul-bound tokens" to certify student progress, blending gamification and adaptive learning without a revenue model.
Additionally, CZ is dedicating more of his time to charity, with rough ideas already in development. He is also working on a book, with two-thirds of it already completed.
Commitment to Tech
Even though he's stepping back from Binance, CZ isn't leaving the tech world. He's still all in on blockchain and has his sights set on artificial intelligence (AI) and biotech as the next big opportunities. CZ believes these emerging technologies will drive future growth and change the world.
Legal Troubles
CZ's imprisonment stemmed from a guilty plea in November 2023, where he admitted to enabling transactions linked to criminal activities and sanctioned countries, such as Iran and Cuba.
In April 2024, he was sentenced for failing to enforce strong anti-money laundering systems at Binance. Binance was fined $4.3 billion in penalties, while CZ personally paid a $50 million fine. As part of his deal with the U.S. government, CZ can't officially return to Binance.
But with a $30 billion net worth and big plans for meaningful projects, CZ's journey is far from over.