CZ Considers Selling Binance Stake

Changpeng Zhao (CZ) has received offers to sell his controlling stake in Binance, which constitutes the majority of his wealth. He disclosed this in an interview with Bloomberg.

The former CEO of the largest cryptocurrency exchange is open to considering further offers.

“I’m not saying I will or won’t hold onto the shares. I’m happy to consider each offer, but I haven’t taken any action yet. At the moment, I’m just a regular shareholder,” he said.

Commenting on his time in prison, Zhao mentioned that initially, few inmates recognized him. Over time, word spread that he was “a big fan of Bitcoin” and “not poor.” Following this, CZ was frequently asked for investment advice, even by the guards.

Zhao described the prison food as “terrible.” During his incarceration, he did push-ups and wrote books, becoming workout partners with a fellow inmate knowledgeable in cryptocurrencies and blockchain. The latter was serving a 25-year sentence for bank robbery. CZ even attempted to connect him with pro bono lawyers in hopes of reducing his sentence by a few years.

The Binance founder criticized comparisons of his legal issues with those of Sam Bankman-Fried, the former CEO of the collapsed exchange FTX. He considers Bankman-Fried a thief, while he sees himself as guilty of Binance’s lack of registration.

Zhao has no desire to return as the head of Binance and does not participate in the company’s management decisions, although “very rarely” the leadership seeks his advice. CZ’s focus is on investments in artificial intelligence and biotechnology, as well as his new project, Giggle Academy.

In late September, Zhao was released after serving a four-month sentence.

Later, he participated in the Binance Blockchain Week conference in Dubai, where he touched upon the conditions of his imprisonment during his speech.