# The world's richest inmate is free. What will Binance billionaire 'CZ' do next? Source: https://fortune.com/crypto/2024/09/26/cz-changpeng-zhao-crypto-release-date-binance-founder Kiwi News: https://news.kiwistand.com/stories/The-worlds-richest-inmate-is-free-What-will-Binance-billionaire-CZ-do-next?index=0x66f87bd457d2b671f4b9be27dd0d35972c526f7651d726fc315165ca3afdd0a4f6d6d92b Submitted by misha on 2024-09-28 UTC, 1 upvote, 2 comments ## Summary Changpeng Zhao, known as "CZ," was released from federal custody in Long Beach, California, after serving a four-month sentence for failing to implement proper anti-money laundering controls at Binance, the crypto exchange he founded. The article speculates about his next moves, including spending more time with his family and possibly pursuing philanthropy through Giggle Academy, a project he launched before his incarceration to provide free learning tools for children. It notes that under his criminal settlement he had to quit as Binance CEO and stay away from day-to-day operations, though he remains the company's largest shareholder. A Binance spokesperson said the company is "excited to see what he does next." ## Article On Friday, Changpeng Zhao will step out onto the streets of Long Beach, California as a free man for the first time in months. Since April, Zhao—who everyone knows as “CZ”—has been in federal custody after agreeing to return to the U.S. from Dubai in order to serve a four-month sentence for failing to implement proper anti-money laundering controls at Binance, the giant crypto exchange he founded. During this time Zhao spent around two months at a minimum security prison in the California desert before being transferred to halfway house in Long Beach where, according to a prison official, he would have been able to make supervised excursions and even go to movies. Now, Zhao will have many more options as he returns to society with a personal fortune of approximately $60 billion—the 25th biggest in the world—and his legal troubles behind him. Zhao did not immediately respond to a direct message inquiry about his plans, and his lawyer told Fortune that he did not wish to be interviewed on the day of his release. Nonetheless, it’s possible to make some informed guesses about his next moves. On Friday, when he is freed two days ahead of his official release date (if a release date falls on a weekend, inmates leave custody early), he will likely get in a chauffeured car and be taken to a private jet in Long Beach or Los Angeles. His first stop is likely to be Dubai or Paris where his children live with their mother, He Ye, Zhao’s one-time romantic partner who is also a top executive at Binance. In a 2023 interview with Fortune, Zhao reflected on his brilliant but aloof late father, and expressed concern he had inherited some of his neglectful traits. It is possible Zhao will decide post-prison to make up for lost time by spending more time with his family, including his sister, his son and his mother—all of whom testified to his character and stood by his side at his sentencing this spring. Those endorsements from his family helped persuade the sentencing judge to accept what some view as a lenient five month sentence. So too did what the judge described as Zhao’s “extraordinary commitments and dedication to philanthropic activity across the planet.” For now, it remains to be seen to what degree Zhao will turn those philanthropic commitments into concrete activities. Prior to his incarceration, he launched a project called Giggle Academy that pledges to create free, fun and easily accessible learning tools for children across the world. “For the next chapter of my life, I want to provide opportunities for others, namely our youth. I’m building a platform to provide high-quality education for underprivileged kids, all around the world, for free,” Zhao said during his sentencing hearing. For now, Giggle Academy appears to be little more than a website. The site includes several job listings that have been posted for months, but no information related to project timelines or the source and scope of its funding. This is perhaps unsurprising, though, given Zhao’s recent situation and it is possible more details about Giggle Academy will emerge in coming months. In addition to his family and philanthropy, the now-free Zhao may turn his attention to a third pursuit: The cryptocurrency industry that made him immensely wealth and which he dominated for the better part of a decade. On the crypto front, though, Zhao faces a major wrinkle: Under the terms of his criminal settlement, he was required to quit his post as CEO of Binance and stay away from any “day to day” activities involving the company. Meanwhile, the settlement also calls for Binance to accept two external monitors imposed by the U.S. government to ensure compliance. Despite these apparent constraints, there is the reality that Binance no longer operates in the U.S. as it focuses on Asia and off-shore markets. And even if Zhao is no longer CEO, he remains the company’s largest shareholder, which should give him considerable influence on its future direction. In response to a request for comment about Zhao’s release, a Binance spokesperson wrote: “We are delighted that CZ will be home with his family. While he is not managing or operating Binance, we are excited to see what he does next. Since last year, Binance has continued to thrive under the leadership of our current team, surpassing 229 million users globally.” Finally, it’s worth noting that Zhao is only 47 years old—an age that is the prime of many executives’ careers, and one where many are just taking their first role as CEO. All of this suggests that Zhao is very much ready for a second act, and that his influence will be felt in crypto and business for years to come. ## Comments **misha**: Would you spend 4 months in a minimum security prison if it meant you could walk away with $60 billion? **tim**: „What will he do next?“ See for yourself: https://x.com/cz_binance/status/1839861237850497271