Binance founder and former CEO Changpeng Zhao, better known as CZ, made his first public appearance at Binance Blockchain Week Dubai since being released from his four-month prison sentence on anti-money laundering violations.
CZ was interviewed on stage by Altcoin Daily’s Austin Arnold, who opened by jokingly asking the former Binance CEO how his summer (in prison) was.
“Much less work to do, so pretty relaxed,” CZ said. He found the prison experience to be limiting in a lot of ways, with little to spend his time on.
“It gives you a lot of time to reflect, and I learned a lot of important lessons,” he said. Chief among them was noticing what he missed the most: his family, friends, colleagues and “the community."
“It helped me to refocus my priorities in my life,” CZ added.
Zhao was sentenced to four months and a $50 million personal fine in April following his November 2023 guilty plea to failing to implement proper anti-money laundering protocols at Binance, the world's biggest crypto exchange. Binance itself agreed to pay $4.3 billion in one of the largest monetary settlements in history, sparking mixed reactions from the crypto community.
The former Binance CEO said he made many friends in prison, several of which he is still in touch with, and that he never encountered any violence while serving his sentence. Prior to his incarceration, there were concerns for his safety after news reports stated he would be one of the richest people to ever do time in the United States.
“I did have a couple of guards recognize me and ask me what coins they should buy,” CZ said before jokingly adding, “I’m like, I better not pick the wrong coin.”
Arnold asked CZ what he thought of his sentence and whether it was fair. CZ stressed that part of his plea deal was that he could not speak poorly of it and that he accepted the terms. However, he said that for the particular violation he was charged with, no one had ever gone to prison for it before him. CZ also contrasted his sentencing to the recent $3 billion in fines slapped on TD Bank for money laundering violations. He nevertheless stressed that compared to other inmates whose terms are mostly denominated in years, he was fortunate to only have to serve four months.
“I just want to move on,” CZ said.
When asked about his current relationship with Binance, CZ said that while he cannot be involved in the day-to-day operations of the company, his shareholders' rights were not impacted, so far as he knew. He said the relationship was a “good one” in that others work hard, and he is “forced to retire.”
“The first month was a bit difficult. It was emotional. It was difficult to detach. It was a company I put my heart and soul in,” he admitted.
CZ said he plans to focus his time on investing and Giggle Academy, a digital platform for people who do not have access to education. CZ also said that in the long term, he will remain “very, very bullish” on crypto.
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