Changpeng Zhao, commonly known as CZ, the former CEO of Binance, has been released from a California prison after serving a four-month sentence for failing to enforce proper Know Your Customer (KYC) checks, a violation of the Bank Secrecy Act. Once considered one of the richest people in the world, with a net worth of $61.6 billion according to Forbes, CZ now faces a very different life post-incarceration.
Although his initial release date was set for September 29, CZ was freed early on Friday, September 27, as wardens exercised their discretion due to the weekend schedule. His time behind bars was significantly shorter than the 18-month maximum sentence outlined by the courts, which has led to controversy about whether the punishment fit the crime. Campaigners like Better Markets argue that CZ’s involvement in running Binance as a “crypto money laundering superstore” warranted a harsher sentence.
Now out of prison, CZ is banned for life from managing Binance, the cryptocurrency exchange that brought him immense fortune and a cult-like following. Richard Teng has since taken over as Binance’s CEO, with the company publicly wishing CZ well in his future endeavors.
The big question on everyone’s mind is: what will CZ do next? During his sentencing, the 47-year-old hinted at a new direction, saying his focus would now be on philanthropy, particularly on providing free, high-quality education to underprivileged children worldwide. He has started a new project called Giggle Academy, although the platform appears to still be in its pre-launch phase.
CZ’s declaration about shifting his focus away from the crypto industry has left many wondering if his days in digital assets are truly behind him. While CZ may not be directly involved with Binance anymore, insiders suggest that his influence is far from over, especially with He Yi, one of his closest allies, still holding a leadership role at the company.
Former Binance employees have expressed skepticism about CZ’s detachment from the industry, with one insider suggesting that his short time in prison might not be enough to keep him away from crypto for good. “I’d imagine he sees this as just a minor setback in his path toward building an empire,” said the ex-Binance employee.
CZ’s next chapter remains shrouded in speculation, but one thing is clear: the former CEO will continue to make headlines, whether through his philanthropic efforts or in an unexpected return to the crypto space. With over 8.8 million followers on social media platform X, CZ has a massive audience eagerly awaiting his next move. The crypto world will be watching closely to see if Changpeng Zhao’s time in the industry is truly over—or just on pause.