Billionaire Changpeng Zhao has expressed his intention to continue investing in the blockchain sector, as well as in artificial intelligence and biotechnology, marking his first public comments since being released from US custody, Bloomberg reports.
In a post on the social media platform X over the weekend, Zhao, co-founder of Binance Holdings Ltd., stated that he is a long-term investor focused on “impact, not returns.”
Zhao’s comments come in the wake of a $4.3 billion penalty imposed on Binance in November as part of a plea deal to address US charges related to the exchange’s failures that allowed criminal and terrorist organizations to utilize its platform. As part of this agreement, Zhao paid a personal fine of $50 million and served four months in custody, culminating in his release from a California correctional facility on September 27.
In addition to his investment plans, Zhao announced a new initiative called Giggle Academy, a nonprofit online education platform, which he described as a significant aspect of his future endeavors. He also mentioned his commitment to allocating more time and resources to charitable activities.
Binance is recognized as the world’s largest cryptocurrency exchange, playing a crucial role in the trading of digital assets and related derivatives. Following the plea deal, Zhao stepped down from his role as chief executive officer, with Richard Teng now at the helm. The exchange is also subject to several years of compliance monitoring by the Justice Department and the US Treasury’s Financial Crimes Enforcement Network.
According to the Bloomberg Billionaires Index, Zhao’s net worth exceeds $30 billion, potentially making him the wealthiest individual ever to be incarcerated in the US.
