Binance founder and former CEO has disclosed life after prison and the current insight on his ownership of Binance.
Key Notes
- Changpeng Zhao has revealed many people are interested in buying his Binance stake.
- The Binance Founder said his jail term did not stop people from doing business with him.
- There are no confirmations he will be selling his stake yet.
Binance‘s former CEO Changpeng Zhao, also known as CZ, recently made a public debut after his release from prison. The former CEO met a hearty welcome from fans and well-wishers at Binance Blockchain Week held in the Coca-Cola Arena in Dubai.
Is CZ Back to the Crypto Space?
As revealed in a Bloomberg report, a man shouted “he is a martyr” deep in the throbbing crowd. “The king is back”, the community boldly declared. While CZ is back from serving his jail term, he is no longer at the helm of the largest crypto exchange. His plea agreement with the Department of Justice (DOJ) prohibits him from leading Binance again. Notably, the former CEO claims he is fine with the situation.
“I don’t think I want to go back” to being Binance’s chief executive officer, CZ said in a Bloomberg interview following his appearance in Dubai. He said he enjoyed working with Binance but believes the chapter has concluded. CZ further disclosed he had received proposals to sell his controlling interest in the exchange. This consists of equity that makes up the bulk of his net worth. CZ refused to unveil the people who had made the proposals or the amount they were willing to pay.
CZ said he has yet to review any of the offers but is willing to do so in the future. He pointed out that he is just a regular shareholder, meaning there’s nothing special about his stake at Binance.
Nonetheless, the fervent response from fans at Binance’s event demonstrates CZ’s close tie with the crypto exchange. Zhao’s passion for the exchange is evident in the Binance logo tattooed on his arm.
CZ’s resignation as the Binance CEO is a key aspect of the deal with the DOJ following the exchange’s securities law violation. The exchange also agreed to pay a $4.3 billion fine for allowing US citizens to trade on the platform.
Hope for CZ Following Trump’s Victory?
Now a self-described passive investor in crypto, CZ claims his “felon status” hasn’t stopped people from conducting business with him. It is worth noting that Binance contributed $500 million to Elon Musk’s acquisition of Twitter, now known as X. This deal occurred prior to the finalization of the DOJ agreement with Zhao, who was still serving as CEO. Since then, the social networking platform’s worth has declined.
Musk has become one of Trump’s biggest backers, using the platform to support the presidential campaign. He even re-engaged right-wing influencers previously barred for violating hate speech laws.
The prospects for the crypto industry appear much brighter following Donald Trump’s victory. According to the Bloomberg Billionaires Index, Trump’s victory pushed the Binance founder’s estimated net worth up by $12.1 billion in a single day.
CZ declined to comment on the US election. However, he expressed satisfaction with Musk’s X takeover. “I think after Elon took over, things have moved a lot faster at Twitter,” he said.
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Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
