Changpeng Zhao Addresses Public Following Release from Prison

Changpeng Zhao (CZ), the founder and former CEO of Binance, participated in the Binance Blockchain Week conference in Dubai, where he discussed the conditions of his imprisonment during his speech.

At 15:55 Dubai time, Binance founder CZ appeared at the Binance Blockchain Week event venue and gave a content speech. Previously, CZ said he would attend the event as an individual. pic.twitter.com/TonD0fzvDF

— Wu Blockchain (@WuBlockchain) October 31, 2024

He shared that after his release at the end of September, he focused on two areas: education and investments in blockchain, AI, and life sciences.

CZ confirmed that his departure as CEO of Binance was part of an agreement with the US Department of Justice, which was already publicly known. The deal, concluded in November 2023, did not entail a lifetime ban, but rather a three-year term.

In September 2024, the exchange permanently barred Zhao from management. At Binance Blockchain Week, the entrepreneur stated that he does not intend to return to leading the company even if given the opportunity.

Speaking the day before at the event, CZ’s partner and co-founder of the exchange, Yi He, described his resignation last year as a significant challenge for Binance, according to PANews. However, the company managed due to a mature management system that sets it apart from startups.

He noted that external obstacles included relations with regulators. She stated that the exchange collaborates with supervisory authorities worldwide and aims to open access to cryptocurrencies to “billions of users” through regulatory compliance.

“Binance wants to become Google and strives to create the future internet world by making Web3 more accessible,” He added.

Under the agreement with US authorities, the exchange agreed to pay over $4.3 billion; CZ’s personal fine amounted to $50 million. In April, a federal court sentenced him to four months in prison.

Regarding the conditions of his sentence, Zhao mentioned that the guards could be “slightly harsh,” but there were no conflicts, insults, or physical violence. Some staff asked for investment advice in cryptocurrencies, but without internet access, he could not assist them, CZ added.

Richard Teng succeeded him as CEO of Binance. ForkLog examined the experience of the new head of the exchange and discovered how former colleagues assessed the platform’s prospects under his leadership.