Binance Founder Zhao Changpeng Released from Prison and Updates on His Future Plans
TapTechNews September 30th news, according to Bloomberg, Zhao Changpeng, the founder of the world's largest cryptocurrency exchange Binance, has been released from prison in California, US on September 27th local time.
In November 2023, Zhao Changpeng and Binance reached an agreement with the US Department of Justice to allow Binance to continue operating. Binance pleaded guilty to alleged charges such as money laundering, unlicensed money transfer, and violation of sanctions, and will pay a $4.3 billion fine; Zhao Changpeng admitted violating relevant US anti-money laundering laws and regulations, agreed to pay a $50 million fine, resigned as the chief executive officer, and was sentenced to 4 months in prison, and then began to serve the sentence in June this year.
On September 29th, after Zhao Changpeng's release from prison, he spoke on the X platform for the first time, saying that the GiggleAcademy project (a project aiming to provide free basic education for everyone) is progressing smoothly and will become a very important part of his life in the next few years. He will continue to invest in blockchain/decentralized technology, artificial intelligence, and biotechnology. Zhao Changpeng said: I am a long-term investor, and I care about the impact, not the return. I will also invest more time and funds in charity (and education). I have some rough ideas.
Zhao Changpeng also disclosed that he is still writing a book and has probably completed about two-thirds of it. Writing a book is much more difficult than I expected, but I will persevere until it's finished.
After Zhao Changpeng's release from prison, according to the criminal settlement clause, he must resign as the chief executive officer of Binance and stay away from the daily activities of the company. However, he is still the largest shareholder of the company. Zhao Changpeng said in the above X platform message that Binance seems to be doing very well without him at the helm, which is great.
Zhao Changpeng was once the richest Chinese man. From the end of 2021 to the beginning of 2022, Zhao Changpeng's net worth briefly exceeded $90 billion. Bloomberg's Billionaires Index shows that Zhao Changpeng still has approximately $30 billion (TapTechNews note: currently about 209.762 billion yuan) in net assets.