Changpeng Zhao (CZ), the billionaire founder of Binance, made his return to the public eye at the Coca-Cola Arena in Dubai, after his recent release from Federal Correctional Institution Lompoc II, where he served four months for failing to implement adequate anti-money laundering (AML) measures at Binance.

Strong Emotional Ties To Binance’s Future

Amid cheers from supporters, some referred to him as a “martyr,” while others proclaimed, “the king is back.” However, despite the warm reception, Zhao is not returning to lead Binance, as his plea deal with the Deparment of Justice (DOJ) prohibits him from taking the reins again. 

“I don’t think I want to go back to being Binance’s chief executive officer,” CZ reflected in an interview with Bloomberg. “I’ve been leading the company for seven years. I enjoyed it. It’s a lot of work. But I think that chapter is that chapter.”

During his incarceration, Zhao used his time to work out, write a book, and discuss cryptocurrency with fellow inmates. As a self-described “passive investor” in crypto, he has received proposals to sell his controlling stake in Binance, representing a significant portion of his wealth. 

While Bloomberg reports that Changpeng Zhao is open to considering offers, he has yet to decide about his stake in the exchange, which currently stands at a substantial 90%.

Zhao’s departure from active management coincided with Binance’s agreement to pay $4.3 billion for violations related to US sanctions. The company has continued to operate under the leadership of new CEO Richard Teng, who has appointe

Go to Source to See Full Article
Author: Ronaldo Marquez