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Binance founder Changpeng Zhao, popularly known as CZ, was given a warm welcome at the event in Dubai.
Zhao’s reappearance, amid cheers and eager selfie-taking crowds, was a notable moment for the crypto billionaire, who was recently released from a U.S. prison but was barred from running Binance under a plea deal with the Justice Department.
Reflecting on his time away, Zhao spoke candidly to Bloomberg, explaining that he has been busy exercising, writing, and discussing crypto with other inmates during his four months behind bars. “I think that chapter is behind me,” he said, referring to his seven-year role as CEO, signaling that he is stepping back from day-to-day operations while maintaining his shareholder status.
Despite his legal entanglements, Zhao’s influence remains strong. His self-described “criminal status” has not diminished his ties to the crypto world or halted his business opportunities. While he has declined to comment on the recent US election, he has welcomed developments at X (formerly Twitter), which Binance previously invested $500 million in.
Zhao’s time in Lompoc prison, California, was an unusual time for a billionaire, splitting his time between exercising, writing, and enduring the institution’s strict diet. Despite his diminished role at Binance, the company, under new CEO Richard Teng, has carved out a prominent position in the crypto industry by weathering ongoing regulatory pressures.
As cryptocurrency markets surged after Donald Trump’s election victory, Zhao’s wealth has also rebounded, cementing his position among the world’s richest. Still, he remains committed to keeping a low profile, likening his role to that of an “ordinary shareholder.” Despite offers to buy his shares, Zhao has hinted that he will hold on to them in the near term.
He says Binance management “very rarely” asks him for advice and that he only provides “historical context.” He is also a co-defendant in a number of civil lawsuits with Binance, including one filed by the Securities and Exchange Commission.
*This is not investment advice.