Changpeng Zhao, former chief executive officer of Binance Holdings Ltd., speaks virtually during the Token2049 conference in Singapore, on Thursday, 14 September 2023. (Photo: Joseph Nair/Bloomberg) In a post on social-media platform X over the weekend, the co-founder of the Binance Holdings digital-asset exchange described himself as a long-term investor who cares about “impact, not returns”.
Binance was hit with a $4.3-billion penalty in November under a plea deal to settle US charges over failures that let criminals and terror groups use the exchange. Zhao agreed to pay a $50-million personal fine and was later sentenced to four months in custody. He was released from a correctional facility in California on 27 September.
gm, the food taste so good... And what a luxury to be able to have more than one piece of fruit per day!
I know some of you may have a lot of questions. I won’t have all the answers.
Let me chill for a bit. Then figure out the next steps. There are always more opportunities in… https://t.co/9hvgp8Bo97
— CZ 🔶 BNB (@cz_binance) September 29, 2024
Zhao said his new endeavour called Giggle Academy, a nonprofit online education platform, “will be a big part of my life”. He said he will also dedicate more time and funding to charity.
Binance is the world’s largest crypto exchange, making it a linchpin of trading in digital assets and related derivatives. Under the plea deal, Zhao stepped down as chief executive officer, handing the reins to Richard Teng. The platform also faces years of compliance monitoring by the Justice Department and the US Treasury’s Financial Crimes Enforcement Network.
Zhao has a net worth of more than $30-billion, according to the Bloomberg Billionaires Index — likely making him the richest ever US inmate.