Changpeng Zhao, the influential co-founder of Binance, has made headlines once again following his release from US custody.
In his first public statements since regaining freedom after a four-month sentence, Zhao pledged to invest in Blockchain technology, artificial intelligence (AI), and biotechnology. He insisted on a commitment to long-term impact over immediate financial returns.
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Zhao Setting Sights On Ambitious New Ventures
After serving a four-month sentence for anti-money laundering violations, Zhao is now setting his sights on ambitious new ventures in the tech sector.
In a post on X, Zhao wrote, “Will continue to invest in blockchain/decentralized technologies, AI, and biotech. I am a long term investor who care about impact, not returns.”
Despite stepping down as CEO of Binance, Zhao retains a significant influence over the company with an estimated 90% ownership stake. This ownership makes him one of the wealthiest individuals globally, with a reported net worth of $61 billion.
“Oh, Binance seems to be doing well without me back-seat-driving, which is excellent. Every founder’s dream!” added Zhao to his post.
CZ is back, now let's start that bull run officially! Chad recognises Chad. @benionbase pic.twitter.com/EUn3ls8NQE
— Based Benjamin (@BenjaminOnBase) September 29, 2024
With Zhao’s return, the Twitterati is expecting a bull run.
In line with his commitment to education and innovation, Zhao has announced the launch of Giggle Academy.
This new educational platform aims to provide accessible learning opportunities without generating revenue. The academy is expected to play a significant role in his post-Binance endeavors.
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Why Was Binance Fined $4.3 billion?
Zhao’s recent legal troubles stem from allegations that Binance, under his leadership, failed to implement adequate anti-money laundering measures.
This oversight allegedly allowed cybercriminals and terrorist organizations to exploit the platform for illicit activities.
In November, Zhao pleaded guilty to these charges, resulting in a substantial $4.3 billion fine for Binance and a personal fine of $50 million for Zhao himself. He also stepped down as CEO of Binance, as a part of the legal settlement.
While Zhao focuses on new ventures, Binance continues to face legal challenges.
The US Securities and Exchange Commission (SEC) has filed an amended complaint against the exchange, accusing it of violating federal securities laws by promoting digital assets without proper disclosure.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
