What Next For Ex-CEO of Binance, Changpeng Zhao-CZ?
Changpeng ‘CZ’ Zhao has resigned as the CEO of Binance after pleading guilty to criminal charges and is now planning new projects in the crypto world.
Today, I stepped down as CEO of Binance. Admittedly, it was not easy to let go emotionally. But I know it is the right thing to do. I made mistakes, and I must take responsibility. This is best for our community, for Binance, and for myself.
Binance is no longer a baby. It is…
— CZ 🔶 Binance (@cz_binance) November 21, 2023
Zhao shared his decision on social media platform X on November 21, expressing his emotional difficulty stepping down. He acknowledged mistakes made under his leadership and emphasized his responsibility to address these. Zhao stated his resignation was “the right thing to do” for the community, Binance, and himself. He expressed optimism for Binance’s future, confident in its ability to thrive independently.
What Next Plans For Changpeng Zhao-CZ?
CZ plans to take a break from work and then focus on investing in startups in the DeFi (decentralized finance) area. He won’t lead another startup. Instead, he plans to coach or mentor a few new entrepreneurs privately. He’ll still own part of Binance and help as a consultant when needed.
Zhao personally agreed to pay a $50 million fine and is barred from involvement in Binance’s business for three years, although he retains his majority ownership of the exchange. The sentencing hearing for Zhao is scheduled for February 23, 2024, at 9 a.m. Pacific Time. This hearing is expected to be a focal point in the ongoing dialogue around regulating cryptocurrencies and their exchanges.