CZ Declines CEO Role at Binance, Open to Presidential Pardon
On December 2, Changpeng Zhao (CZ), founder and former CEO of Binance, stated he does not wish to return to his leadership role. This followed a suggestion from John Lilic of The Telos Foundation that US President-elect Donald Trump should pardon him and reinstate him as CEO.
CZ clarified his position in a tweet, indicating no desire for the CEO role but openness to a pardon:
No wish to be CEO again. But definitely wouldn't mind a pardon.
— CZ 🔶 BNB (@cz_binance) December 2, 2024
Trouble in Paradise
CZ's statement follows a four-month prison sentence related to Binance's $4.3 billion settlement with US regulators in November 2023. The Department of Justice accused Binance of violating anti-money laundering (AML) laws and enabling illicit transactions.
Investigations revealed that Binance facilitated nearly $900 million in transactions between US users and sanctioned entities, including Iran, while failing to implement adequate compliance measures.
As part of the settlement, CZ stepped down as CEO, succeeded by Richard Teng. He admitted guilt for not establishing an effective AML program and agreed to serve a prison term.
Binance also committed to a three-year monitoring program to enhance its compliance framework. Treasury Secretary Janet Yellen emphasized the need for accountability among major crypto platforms to ensure financial system security.
CZ's Life after Binance
Post-resignation, CZ has distanced himself from Binance operations but remains involved in the crypto industry. He plans to explore opportunities in blockchain, decentralized finance (DeFi), artificial intelligence, and biotech after taking a break.
CZ expressed the need for rest after six years at Binance, stating he does not intend to lead another startup or serve as CEO again but is open to mentoring aspiring entrepreneurs. He noted, “I can at least tell them what not to do.”
In March, CZ announced plans for an educational platform called “Giggle Academy,” aimed at providing crypto education globally, especially in underdeveloped regions.
In October, he made his first public appearance post-release, joining figures like Circle CEO Jeremy Allaire and Dubai Future Foundation CEO Khalfan HE Belhoul, reaffirming his commitment to blockchain innovation.