Changpeng Zhao (CZ), the founder of Binance, indicated his openness to selling his controlling stake in the crypto exchange despite the integral role it plays in his financial standing. After relinquishing his CEO position as part of a U.S. Department of Justice settlement, Zhao is now exploring his next chapter while retaining the rights tied to his equity in the company.
Changpeng Zhao to Sell Stake in Binance?
During the Binance Blockchain Week in Dubai in late October, Zhao revealed getting several offers to sell his stake in the crypto exchange. “I’m happy to review every offer,” Zhao added, though he clarified he has not yet taken any steps to part with his holdings. “I’m just a regular shareholder at this point,” he added, signaling his shift to a passive role within Binance.
Zhao’s return to the public eye in Dubai was met with high-energy cheers and a steady stream of fans, underscoring his continued influence in the crypto community. Yet, he reaffirmed his decision to step back from Binance leadership, noting he’s content with the changes. “I’ve been leading the company for seven years… But I think that chapter is that chapter,” CZ said, according to a report by Bloomberg.
Since stepping down, Binance has transitioned under the guidance of Richard Teng, a former Abu Dhabi regulator, signaling a new era for the company. While Zhao claims Binance’s leadership now consults him only “very rarely,” his influence remains substantial. Moreover, he still maintains a strong “emotional attachment” to the exchange, comparing it to a grown child ready to be independent.
Insight Into CZ’s Incarceration & Prison Time
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His transition away from Binance follows a plea agreement that included a $4.3 billion penalty and jail time, making him the richest person to ever serve a U.S. prison sentence. Zhao described his four-month incarceration as a period filled with fitness routines, reading, and camaraderie with other inmates interested in crypto.
Sharing a cell at a low-security federal facility in California, he described his days as “pushups, book-writing, and awful prison food,” but found it a time of reflection. During his time in custody, Zhao’s net worth saw fluctuations. However, with former President Donald Trump’s recent election win in the U.S., he witnessed a surge of $12.1 billion, as crypto markets responded favorably.
Though CZ declined to comment on the election’s implications, he conveyed satisfaction with Binance’s early investment in Elon Musk’s platform X, previously Twitter. He described the investment as “long-term” despite fluctuations in its value.
While Zhao considers new ventures, he maintains that Binance’s future does not hinge on his presence. Expressing a newfound sense of freedom, he shared that life has become “a lot more relaxed” after the Binance fiasco ended. His current projects span interests in artificial intelligence and biotech, alongside his nonprofit Giggle Academy.
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