Changpeng Zhao, popularly known as CZ, who was released from custody in the US in late September after serving his four-month prison sentence, is now receiving offers to sell his controlling stake in the crypto exchange Binance, he told Bloomberg in a recent interview.
However, Zhao did not reveal the names or identities of the parties interested in buying Binance shares.
Possibility of New Binance Owners?
“I’m not saying that I’m going to hold onto the equity forever or not,” he said in the first interview after his release from US prison. “I’m happy to review every offer, but so far I haven’t done anything. But, you know, I’m just a regular shareholder at this point.”
Zhao’s net worth is estimated to be about $61 billion, and he holds a 90 percent stake in Binance, the cryptocurrency exchange behemoth he founded in 2017. He is the richest crypto billionaire and also the richest inmate in history to serve time in a US prison.
Pushups, I can do 300 in about 30 min. Roughly 40, 30, 20, 15, 15, 15, … to 300.Or I can do 60-70 (fast) on the first set, but then drop off aggressively and struggle to get to 300. I do it only on a weekly basis. My muscles don’t recover fast enough.Positive takeaways… https://t.co/LHwtmabCqn
— CZ ???? BNB (@cz_binance) October 31, 2024
A Felon
The Canadian, now a resident and citizen of the UAE, headed Binance until last year, when he stepped down from the top executive role as part of his plea deal with US prosecutors. He also pleaded guilty to failing to implement adequate money laundering checks, which allowed bad actors to trade cryptocurrencies on the platform.
Binance was also required to pay $4.3 billion to settle with US prosecutors and a separate $2.85 billion to settle with the US commodities regulator. The exchange also agreed to end its presence in the United States.
CZ’s cooperation with US prosecutors resulted in a lenient sentence compared to the 25-year jail term of Sam Bankman-Fried, who is now serving time for his shady business practices involving the now-bankrupt FTX and Alameda Research. Interestingly, Zhao initially showed interest in buying out troubled FTX but later backed out, leading to a bank run on the now-collapsed platform and exposing its $8 billion shortfall.
When comparing his time in prison with Bankman-Fried’s, Zhao said: “That’s like comparing somebody who’s stealing money versus somebody who failed to register a company.”
This article was written by Arnab Shome at www.financemagnates.com.
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