Zhao Changpeng (CZ) “After release, I will focus on education, charity, and coin events”

Binance founder and former CEO Changpeng Zhao (CZ) was released from prison on Friday, two days before his official release date. The popular cryptocurrency executive did not waste time sharing his post-release plans, which do not include involvement with Binance or related activities. Changpeng Zhao's Post-Release Plans In his post, Changpeng Zhao expressed gratitude for his personal freedom of choice, mentioning that he can now choose his own meals and enjoy fruits as much as he wants daily. He acknowledged the lessons learned from his past experiences and looked forward to future opportunities. After his release from prison, CZ also shared his plans for the future. Firstly, CZ pledged to further develop the educational initiative Gigle Academy. The Binance executive had actively promoted this initiative before his arrest. The Binance founder also said he would allocate time and resources to charitable activities, which aligns with the free education provided by the Gigle Academy. As of March 30th, this project is composed of a team of 10 members, some working part-time and others full-time remotely. One of the Gigle Academy's goals is to teach children how to avoid rug pulls. Zhao also plans to complete his book and attend cryptocurrency-related conferences. While he may no longer be directly involved in Binance's activities, he will continue to be active in the blockchain space. As a long-term investor, he emphasized prioritizing positive impact over financial gains. Additionally, he observed that Binance has been operating well in his absence. Notably, Changpeng Zhao was given a lifetime ban as Binance CEO as part of the settlement, but he maintains his controlling stake in the company as a major shareholder. These developments suggest that CZ will not be returning as the CEO of a startup. Instead, he seems satisfied with his role as a former founder and potential mentor. This means the cryptocurrency market can expect to continue seeing CZ, or his reactivated X (former Twitter) account, which was activated two days after his release. Judging by the reactions to his social media posts, CZ remains popular among people despite the circumstances that led to his arrest. How Changpeng Zhao Got Here As reported by BeInCrypto, CZ is the wealthiest person to have gone to prison in the United States, with an estimated personal fortune of nearly $60 billion, making him the 25th richest person in the world. In Changpeng Zhao's post-prison update, this rear-view mirror sheds light on how the cryptocurrency executive ended up in prison. The U.S. Department of Justice (DOJ) began investigating Binance in February 2018, examining the exchange's compliance with anti-money laundering (AML) regulations and sanctions. Specifically, investigators explored allegations of unlicensed money transmission, money laundering conspiracy, and sanctions violations. In August 2023, the DOJ considered fraud charges against Binance. However, the authorities were concerned about the potential for bank failures and wanted to avoid inconveniencing consumers. To avoid harming customers, they considered fines or non-prosecution agreements instead of criminal charges. Charges Against Changpeng Zhao In November 2023, the U.S. DOJ brought criminal charges against CZ, which included violations of U.S. AML laws, unlicensed money transmission, and sanctions violations. That same month, he pleaded guilty and surrendered to the DOJ, stepping down as Binance CEO and introducing Richard Teng as his successor. He acknowledged his mistakes and said he would take responsibility, which he believed was for the benefit of the community, Binance, and himself. Notably, Teng had previously worked as Binance's Global Regional Market Lead before being promoted to CEO. This guilty plea resulted in CZ's release on a $175 million bond. At this point, he faced up to 18 months in prison as part of the settlement with the U.S. government. Additionally, CZ and Binance were hit with one of the largest criminal fines in U.S. history. The exchange paid a $4.3 billion fine, and Zhao was ordered to pay up to $50 million, which was a relatively small amount compared to his estimated net worth. Stuart Alderoty, the Chief Legal Officer of Ripple, supported the U.S. DOJ's decision on Binance, stating that it is necessary to bring cryptocurrencies into compliance with regulations. CZ Sentenced to 4 Months in Prison In April 2024, U.S. District Judge Richard Jones sentenced CZ to 4 months in prison, stating that "this court has to make an effort to impose an appropriate and reasonable sentence." Key points from the court proceedings included CZ's guilty plea and his cooperation with the authorities.