Key Takeaways
- Changpeng Zhao is not interested in returning to Binance.
- The former CEO’s net worth rose by $12 billion following Donald Trump’s victory in the U.S. Presidential Election.
- Zhao became the world’s richest prisoner in April when he was sentenced to four months in jail.
Founder of the Binance cryptocurrency exchange, Changpeng Zhao, has claimed he doesn’t want to return to the company now that he’s been released from jail.
Zhao, better known as CZ, was sentenced to four months in jail after pleading guilty to multiple violations regarding his seven-year tenure as CEO at Binance in April.
Zhao Speaks Out
Talking to Bloomberg, the former Binance CEO claimed: “I don’t think I want to go back.”
“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,” he added.
Zhao claimed he had received numerous offers to sell his controlling stake in Binance since his release from prison.
“I’m happy to review every offer, but so far, I haven’t done anything. But, you know, I’m just a regular shareholder at this point,” he told the publication.
Upon his release at the end of September, Zhao took to X to share a surprisingly lighthearted update for his followers.
“The food tastes so good… And what a luxury to be able to have more than one piece of fruit per day,” Zhao wrote. “I know some of you may have a lot of questions. I won’t have all the answers.”
Trump Win Increases Zhao’s Net Worth
After it was confirmed on Nov. 6 that Donald Trump won the 47th presidential election in the U.S., Zhao’s net worth rose by $12.1 billion in one day, according to the Bloomberg Billionaires Index.
The Trump victory saw Bitcoin and other cryptocurrencies shoot up in price—as investors see a clearer future for crypto with less fears of strict restrictions.
Most of Zhao’s wealth continues to be tied up in assets within Binance.
Zhao Sentencing
Zhao became the world’s richest prisoner in April when he was imprisoned for four months for violating U.S. money laundering laws.
Judge Richard Jones issued the ruling in the U.S. District Court for the Western District of Washington despite arguments for a longer sentence due to the severity of the violations.
The sentence was significantly less severe than the 25-year sentence handed down to his former competitor, Sam Bankman-Fried of FTX.
The court document said: “Zhao willfully failed to implement an effective AML program as required by the Bank Secrecy Act (BSA).”
Binance agreed to pay a $4.3 billion penalty for violating federal anti-money laundering and sanctions laws.
Kurt Robson is a London-based reporter at CCN, specialising in the fast-moving worlds of crypto and emerging technology. He began his career covering local news in Cornwall after graduating from Falmouth University with First Class Honours in Journalism. There, he cut his teeth on everything from council meetings to missing swans.
He quickly rose through the ranks to become a frontline journalist at several of the UK’s leading national newspapers. Over the years, he has interviewed musicians and celebrities, reported from courtrooms and crime scenes, and secured multiple front-page exclusives.
Following the upheaval of the COVID-19 pandemic, Kurt shifted his focus to technology journalism—just ahead of the AI boom. With a natural curiosity and a trained eye for emerging trends, he has found a new rhythm in reporting on innovation.
At CCN, Kurt's work focuses on the cutting edge of crypto, blockchain, AI, and the evolving digital world. Drawing on his background in people-first reporting and his deep interest in disruptive tech, Kurt delivers stories that are insightful, entertaining, and human-centric.
