Binance CEO, Changpeng Zhao Promises Investing in Crypto as a Business After Release
Billionaire Changpeng Zhao, co-founder of Binance Holdings Ltd., announced plans of investing in crypto as a business for artificial intelligence, and biotechnology, focusing on societal impact over profits, in his first public statement after his release from US custody.
Zhao shared via social media platform X on Friday that he has been committed to tech investments for a long time.
The commitment to investing in crypto as a business by Zhao comes amid increased regulatory pressure on Binance, the largest cryptocurrency exchange in the world. It was fined $4.3 billion in November under an agreement that settled charges it failed to do enough to prevent bad actors like criminals and terrorists from accessing its platform.
Zhao, 39, signed a non-prosecution agreement that included a $50 million fine, as well as a four-month sentence in custody.
On September 27, the Chinese founder was released from a correctional facility in California. Speaking of his future projects and new technology to invest in, Zhao announced Giggle Academy-a nonprofit online education platform that he would continue when he is out of custody. He also focused on the importance of education and charity as core features, saying that he would be willing to invest time and resources into when free.
“Impact is my focus now,” he said in his post, and went further to even suggesting a switch to priorities that help society in general. While investing in crypto as a business has arguably remained among the most influential projects in the investment in technology, the apparent pivot by Zhao may signal a wider shift in the way leadership across cryptography interacts with regulatory and societal expectations.
The fallout from the indictment indeed came full circle when Zhao stepped down as CEO of Binance and let Richard Teng take over the mantle of leading the firm.
“The leadership change comes with increased scrutiny and compliance monitoring by the US Department of Justice and the Financial Crimes Enforcement Network to ensure Binance will comply with strict regulatory requirements going forward.”
Against this bleak outlook, Zhao remains immensely well-off, his net worth at more than $30 billion, according to the Bloomberg Billionaires Index. That would make him one of the wealthiest ever to be imprisoned in the US-a testament to the wild swings of wealth and legal consequences in the cryptocurrency world.
Final thoughts
Going into the next phase, as Zhao enters in, his attention to blockchain, AI, and biotechnology echoes greater shapes the technology scene-innovation on all fronts, stimulating tech investment opportunities. His goals with Giggle Academy and his philanthropy suggest a shift may be in store, wherein he means to marshal his resources and influence in increasing positive change in investing in crypto as a business and supporting crypto investment fund.
In other words, Changpeng Zhao is willing to rewrite the script of his legacy in the tech world by investing in tech startups and stepping along the axis of investment, education, and charitable works with a perspective at the implications of the cases filed against him.
Inside Telecom provides you with an extensive list of content covering all aspects of the Tech industry. Keep an eye on our Cryptocurrency section to stay informed and updated with our daily articles.