Changpeng Zhao Considers Offers to Sell Binance Stake, Signals End of CEO Era

Binance’s founder and former CEO Changpeng Zhao (CZ) told Bloomberg he has no intention of coming back to lead the company.

“I’m happy to be out of that role,” he said. Since he left, he’s been considering selling his big equity stake in the company which is most of his net worth.

He’s open to offers but hasn’t committed to anything. He still holds around 90% of Binance, according to reports. “I’m not saying I’ll never sell or I’ll always sell,” he said. “I’ll review every offer but so far I haven’t done anything. I’m just a regular shareholder now.”

🚨 Big news in crypto! Changpeng Zhao (CZ) of Binance revealed he’s received offers to sell his controlling stake in the exchange. 💰 He’s keeping options open but hasn’t made any moves yet.

With a net worth of $61B and a 90% stake in Binance, the future of this exchange is… pic.twitter.com/V7y3viIMjl

— Crypto B 👑 (Never DM first) 🇧🇷 (@TheCrypto_B) November 8, 2024

Binance Founder Looks Back on Legal Issues and Lighter Sentence

CZ’s exit from Binance leadership comes after his legal troubles in the US. In April 2024 he served 4 months in prison for not having adequate AML protocols at Binance which is a violation of the Bank Secrecy Act. This was after he pleaded guilty in November 2023 for enabling transactions with illicit funds from sanctioned countries including Iran and Cuba.

As part of his plea deal he paid $50 million fine and agreed to step down as CEO. Binance itself was fined $4.3 billion, one of the largest corporate fines in US history for compliance failures. Notably CZ’s sentence was much lighter than Sam Bankman-Fried, founder of FTX who got 25 years in prison.

With Donald Trump’s recent election win, Zhao’s net worth jumped by $12.1 billion to $52.7 billion as the stock market went up and Bitcoin hit all time high.

Zhao’s New Ventures in AI, Biotech and Global Education

After he left Binance, Zhao has been focused on new projects in emerging areas like AI and biotech. Bloomberg says Zhao who has a Binance logo tattooed on his arm now considers himself a passive player in the crypto space. Despite being a “felon” Zhao said there are still many business opportunities.

https://twitter.com/tafouio/status/1854786660661084286

Among his new projects is Giggle Academy, an educational initiative to provide free education to students from grade 1 to 12 worldwide. Using gamification, adaptive learning and blockchain technology, Giggle Academy rewards student achievements with “soul-bound tokens”. This is in line with CZ’s long term vision of making meaningful changes over short term profits.

Bullet Points:

• Binance Stake: Zhao, holding a 90% stake, is open to selling his shares.
• Legal Aftermath: Served four months in prison for AML violations; Binance fined $4.3 billion.
• New Focus: Investing in AI, biotech, and free global education through Giggle Academy.

CZ is moving on from Binance, his crypto legacy is shaping up. He’s focused on new areas and global education, so he’s setting the stage for the next chapter, beyond crypto.