Binance Founder CZ Makes First Public Appearance Since Release From Prison

Binance founder Changpeng Zhao (CZ) appeared at the company event in a personal capacity and shared his story of being in prison.

His attendance at Binance Blockchain Week - BBW in Dubai on October 31 attracted attention, as this was the first time the former CEO of the world's largest cryptocurrency exchange appeared in public since his release from prison in late September. In the six years the event has been held, CZ also attended without being the executive director of Binance.

He wore a shirt with the logo of Giggle Academy, an education startup founded in April, while awaiting sentencing.

Photo of CZ (left) with the character in the famous meme Hide the Pain Harold at BBW 2024. Photo: X/CZ

On social media on the evening of October 31, many images of the former CEO of Binance and the attendees were shared, including a photo of him showing off his body that was considered more "muscular". CZ then re-shared the photo and said he could do 300 push-ups in 30 minutes. In addition, he also mentioned his time in prison and his current relationship with Binance .

While running the world’s largest cryptocurrency exchange, CZ was accused of failing to comply with anti-money laundering laws and was sentenced to four months in prison and a $50 million fine. He began serving his sentence in June and was released on September 28. Binance was also ordered to pay $4.3 billion, the largest amount in the history of a financial-related case in the United States.

Dubbed the world's richest prisoner, many parties were concerned that he might be in danger in prison, but he said he was "very comfortable because there was little to do" and had many friends who still kept in touch. "Some guards recognized me and asked me what cryptocurrency I should buy," Zhao said. He also joked that while in prison, he was "the poorest" because he only had $200 to enter the canteen.

"I had a lot of time to reflect and learned many important lessons, which helped me rearrange my life priorities," he said.

When asked about his sentence, CZ said the terms of his plea bargain prevented him from talking much about it, but said no one had ever been to prison for similar behavior. He also acknowledged that he was “lucky” to only serve four months, instead of the years many financial inmates spend in prison.

CZ's appearance also indirectly denied rumors that he was banned from the cryptocurrency industry. He said that he could not participate in Binance's daily operations, but that his shareholder rights would not be affected. In addition, he is using this time to explore new interests, especially AI, and become an advisor in the cryptocurrency industry.

Standing in for CZ at the Binance event were CEO Richard Teng and Yi He, another co-founder of Binance. According to Yi He, the growing involvement of cryptocurrencies in the traditional financial world presents a challenge for companies like Binance that want to operate in multiple countries with diverse regulatory regimes. "If we want to have a billion users, we have to work with regulators. That's how we become the next Google or Amazon of crypto," she said.