Changpeng Zhao, widely recognized as CZ, marked his return to the vibrant city of Dubai with a warm reception from the public, especially the crypto community. His presence was celebrated with enthusiastic cheers, underscoring his significant influence in the realm of digital currencies. Despite this warm welcome, Zhao has reiterated his decision to step back from his leadership role at Binance, expressing his satisfaction with the company’s current direction. “I’ve been leading the company for seven years… But I think that chapter is that chapter,” Zhao conveyed in an interview with Bloomberg.
CZ Receives Offers to Divest His Stake
During the Binance Blockchain Week held in Dubai in late October, Zhao disclosed that he has received multiple offers to sell his stake in the renowned crypto exchange. He expressed openness to reviewing these offers but emphasized that he has not made any moves to relinquish his holdings. “I’m just a regular shareholder at this point,” Zhao remarked, highlighting his transition to a more passive role within Binance. He likened the exchange to a mature child ready to navigate its own path independently.
Following his resignation as CEO in late 2023 after a substantial $4 billion plea agreement with U.S. authorities, Zhao has distanced himself from the daily operations of Binance. His attention has now shifted towards investing in cutting-edge fields such as artificial intelligence and biotechnology, as well as his upcoming non-profit initiative, Giggle Academy. Despite his reduced involvement, Zhao remains the predominant shareholder of Binance, maintaining an estimated 90% stake in the company.
The Big Bitcoin Guy
Reflecting on his enforced separation from Binance and the subsequent four months of incarceration, Zhao shared insights into how he coped with his time. He engaged in physical exercise, authored a book, and discussed cryptocurrency with fellow inmates. Interestingly, many inmates were initially unaware of Zhao’s identity, but eventually, word spread that he was a “big Bitcoin guy” and “not poor.”
“I don’t think I want to go back” to being the CEO of Binance, Zhao stated in an interview. “I’ve been leading the company for seven years. I enjoyed it. It’s a lot of work. But I think that chapter is that chapter.”
Binance’s ‘Long-term’ Investment Strategy
During his time in custody, Zhao’s net worth experienced fluctuations. However, following Trump’s recent election victory, his wealth witnessed a significant surge of $12.1 billion, driven by favorable reactions in the crypto markets. Zhao also expressed contentment with Binance’s early investment in Elon Musk’s platform X, formerly known as Twitter. He described this investment as “long-term,” despite the inherent volatility in its value.
Since his departure, Binance has transitioned under the leadership of Richard Teng, marking a new era for the company. Zhao noted that the Binance leadership seeks his advice “very rarely,” and when they do, he offers insights only with “historical context.” Despite this, Zhao’s impact on the company remains profound and influential.
