Following his recent guilty plea and forthcoming sentencing, former Binance CEO Changpeng Zhao has outlined potential next steps, including crypto investments in biotech research.
Changpeng Zhao announced his resignation as CEO of Binance after leading the cryptocurrency exchange since its inception. This news comes on the heels of a settlement with US regulators over Binance’s regulatory violations. Despite the fact that no customer funds embezzlement or market manipulation were alleged, he pleaded guilty to lesser charges, accepting a $175 million fine and a maximum sentence of 18 months.
CZ has committed to remaining in the United States and not appealing any reasonable sentence, with judgment for the offenses scheduled for late February. After his resignation, he hoped to take a long-overdue break from the spotlight to rest. According to the former CEO, he did not take a single day off in his more than six years as Binance CEO, and he believes that stepping down would allow him to get some much-needed rest.
CZ Is Eyeing Biotech Investments and Mentoring Crypto Startups
In a recent tweet, the former CEO stated that he will continue to pursue passive crypto investments, possibly focusing on biotech. CZ recently tweeted about his interest in “using crypto to accelerate research funding” in the biotech sector. According to the tweet, he is already learning how to invest cryptocurrency in the industry.
Been reading about biotech, thinking about how to use crypto to accelerate research funding there.
Keep building!
— CZ 🔶 BNB (@cz_binance) November 27, 2023
The tweet piqued the interest of many, including Etica, an open-source medical research cryptocurrency project, which responded using its X handle to express its delight that more people in the crypto industry are starting to notice biotech, research, and decentralized science (DeSci) in general which promote transparency in ways and methods of conducting research.
In the tweet in which he announced he was stepping down as Binance CEO CZ had already spoken about his desire to willingly mentor emerging blockchain entrepreneurs to help them not make the same mistakes he had made or that he had learned the hard way. On whether he is willing to take on new roles in the crypto industry, Zhao said that it is very unlikely that he will be open to being the CEO of another crypto company. He is rather interested in being a minority stakeholder in various ventures.
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 🔶 BNB (@cz_binance) November 21, 2023
Changpeng Zhao made it clear that Binance did not misuse its customers’ funds and did not engage in market manipulation activities. He expressed trust in the new leadership and hope for the company’s next chapter. For CZ, the focus has shifted from the growth of the exchange to the impending legal judgment. Once he’s cleared that hurdle, his crypto connections could help him invest in biotech innovation to allow for more progress in the industry.
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