Binance’s CZ has no wish to be CEO again following his legal saga with the United States regulators.
By Chimamanda U. Martha
Edited by Julia Sakovich
Updated
3 mins read
On Monday, December 2, Changpeng Zhao (CZ), the founder and former CEO of Binance, the world’s largest cryptocurrency exchange, said he has no desire to return to his leadership role at the company. This is in response to a public suggestion from John Lilic, a member of The Telos Foundation, that US President-elect Donald Trump should pardon him and reinstate him as Binance’s CEO.
CZ made his stance clear in a tweet, distancing himself from leadership ambitions while leaving the door open for legal reprieve.
No wish to be CEO again. But definitely wouldn't mind a pardon.
— CZ 🔶 BNB (@cz_binance) December 2, 2024
CZ’s statement comes just months after completing a four-month prison sentence tied to Binance’s historic $4.3 billion settlement with United States regulators in November 2023. The Department of Justice (DOJ), alongside other federal agencies, accused Binance of violating anti-money laundering (AML) laws, failing to register as a money transmitter, and enabling illicit transactions.
Investigators revealed that Binance facilitated nearly $900 million in transactions between US users and sanctioned entities, including Iran, through its American unit while neglecting to implement proper compliance measures.
As part of the settlement deal, CZ was required to step down from Binance as the CEO, with Richard Teng replacing him as the CEO. He admitted guilt for failing to establish an effective AML program at Binance during his tenure and agreed to a prison term as part of the settlement.
In addition to the fine, Binance committed to a three-year monitoring program to revamp its compliance framework. Treasury Secretary Janet Yellen emphasized the importance of holding even the largest crypto platforms accountable, stating that compliance is non-negotiable in ensuring financial system security.
Since his resignation, CZ has stepped away from the operational side of Binance but has not entirely left the crypto industry. In earlier statements, he shared his plans to explore opportunities in blockchain, decentralized finance (DeFi), artificial intelligence, and biotech after taking a break.
“I will take a break first,” CZ wrote in a tweet, citing the need for rest after six years of running Binance. He also clarified that he does not intend to lead another startup or serve as CEO again but is open to mentoring and coaching aspiring entrepreneurs. “I can at least tell them what not to do,” he wrote.
In March this year, CZ revealed his plan to launch an educational platform dubbed “Giggle Academy” where crypto enthusiasts could learn about the industry. The platform aims to provide educational resources to people around the world, especially those in underdeveloped regions.
In October, CZ made his first public appearance after his release. Sharing the stage with prominent figures like Circle CEO Jeremy Allaire and Dubai Future Foundation CEO Khalfan HE Belhoul, he reaffirmed his commitment to fostering innovation in the blockchain space.
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Chimamanda is a crypto enthusiast and experienced writer focusing on the dynamic world of cryptocurrencies. She joined the industry in 2019 and has since developed an interest in the emerging economy. She combines her passion for blockchain technology with her love for travel and food, bringing a fresh and engaging perspective to her work.
