Changpeng Zhao, the billionaire co-founder of Binance Holdings Ltd., has vowed to intensify his investments in the blockchain sector, as well as in artificial intelligence and biotechnology, following his release from US custody. This marks Zhao’s first public statement since his release, which occurred on September 27 after he served four months related to a plea deal with US authorities.
In a post on social media platform X, Zhao emphasized his commitment as a long-term investor focused on “impact, not returns.” His remarks come after Binance faced a hefty $4.3 billion penalty under a plea agreement to resolve US charges over its failure to prevent criminal activities on the platform. As part of the agreement, Zhao also paid a $50 million personal fine and stepped down as CEO, with Richard Teng taking over leadership.
Zhao announced a new initiative called Giggle Academy, a nonprofit online education platform, which he described as a significant focus for his future endeavors. He also expressed a commitment to dedicating more time and resources to charitable causes.
As the world’s largest cryptocurrency exchange, Binance plays a crucial role in the digital asset market. The platform will undergo years of compliance monitoring by the Justice Department and the Financial Crimes Enforcement Network as part of the agreement.
According to the Bloomberg Billionaires Index, Zhao’s net worth exceeds $30 billion, potentially making him the wealthiest individual ever to have served time in a US prison.
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