Fortune Full Text: CZ was released early today, where will be his next stop?

At the golden age of 47, the second act of life begins.

Original text: Binance founder 'CZ' leaves prison on Friday—along with his $60 billion fortune (Fortune)

By Jeff John Roberts

Compiled by: Azuma , Odaily Odaily

Cover: Photo by Matthew Henry on Unsplash

This Friday, CZ will hit the streets of Long Beach, California as a free agent for the first time in months.

CZ has been in federal custody since April, after agreeing to return to the U.S. from Dubai to serve a five-month sentence for failing to implement adequate anti-money laundering controls at the cryptocurrency exchange Binance he founded. During that time, CZ spent about two months in a minimum-security prison in the California desert before being transferred to a halfway house in Long Beach, where he was allowed supervised outings and even to the movies, according to a prison official.

Now, as CZ returns to society, he will have more options, with a personal fortune of $60 billion (ranked 25th in the world) and the legal troubles that plagued him a thing of the past. CZ did not immediately respond to questions about his next plans, and his lawyer told Fortune that he did not want to be interviewed on the day of his release.

Still, we can make some educated guesses about his next move.

On Friday, CZ will be freed two days before his official release date — which is common if the release date falls on a weekend — and will likely be put in a chauffeured car and taken to a private jet in Long Beach or Los Angeles.

CZ’s first stop will most likely be Dubai or Paris, as his children live there with their mother, He Yi, another co-founder of Binance.

In a 2023 interview with Fortune magazine, CZ reflected on his brilliant but aloof late father and expressed concern that he may have inherited some of his father's traits. CZ may decide to make up for lost time after his release from prison and spend more time with his family, which includes his sister, son, and his mother.

His family had stood firmly by CZ's side at his sentencing this spring and vouched for his character, and that testimony helped convince the judge to accept a five-month sentence that some thought might be on the lenient side.

The judge also cited CZ's "extraordinary commitment and dedication" to global charitable activities. It is unclear to what extent CZ will translate these charitable commitments into concrete activities. Before CZ went to prison, he launched a project called Giggle Academy, which promised to create free, fun and accessible learning tools for children around the world.

“In the next chapter of my life, I want to provide opportunities for others…I am building a platform to provide free, high-quality education to underprivileged children around the world,” CZ said during his sentencing hearing.

At this point, Giggle Academy appears to be more than just a website. The site features several job listings that were posted a few months ago, but no information is provided regarding the timeline of the projects or their funding or scope. However, given CZ's recent situation, this is not surprising, and more details about Giggle Academy may emerge in the coming months.

Aside from family and philanthropy, a third pursuit for a freed CZ is likely to remain focused on the cryptocurrency industry that made him extremely wealthy and dominated him for the better part of a decade.

However, CZ faces a major obstacle to his continued activities in the cryptocurrency industry - according to the terms of the criminal settlement, CZ has been forced to resign as Binance CEO and stay away from day-to-day activities involving the company's operations. At the same time, the settlement terms also require Binance to accept two external monitors mandated by the US government to ensure compliance.

Despite these apparent limitations, the reality is that Binance does not operate in the U.S., but instead focuses on Asia and offshore markets. Even though CZ is no longer CEO, he remains the largest shareholder, which gives him a lot of influence over Binance's future direction.

In response to a request for comment on CZ’s release, a Binance spokesperson wrote: “We are pleased that CZ will be returning home to be with his family. While he will no longer be managing or running Binance, we are excited about what he will do next. Since last year, Binance has continued to thrive under the leadership of the current team, reaching over 229 million users worldwide.”

Finally, it’s worth noting that CZ is only 47 years old — the prime age of many executives’ careers and the age at which many begin their CEO careers. All of this suggests that CZ is ready for his second act and will continue to be influential in the cryptocurrency and business world for years to come.

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