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KEY POINTS
- Changpeng Zhao, more commonly known as CZ, founded Binance in July 2017
- He stepped down from his post as Binance CEO after more than six years
- His decision left many people wondering about what he will do next
Changpeng Zhao, more popularly known as CZ in the crypto space, founded Binance in July 2017. After six years of heading the world’s largest centralized crypto exchange by trading volume, he has announced his resignation from his position, leaving people wondering about his plans after the end of his journey with the company.
CZ has been at the center of the storm over the past years because of investigations conducted by different financial and regulatory authorities not only in the U.S. but also in other parts of the world.
The 46-year-old Chinese-born Canadian businessman who’s currently based in Dubai has been fighting FUD — crypto speak for fear, uncertainty and doubt — hurled against him and the crypto exchange he founded.
The U.S. government, for example, has been conducting a years-long investigation on Binance. When an opportunity presented itself, the company and its founder did not hesitate to seize it despite the magnitude of sacrifice it entailed.
After pleading guilty in a federal court in Seattle on Tuesday for violating the Bank Secrecy Act, Zhao revealed his decision to step down as the chief executive officer of Binance, noting that the position “was not easy to let go emotionally.” However, he said he believed it was “the right thing to do” and it was best not only for the community and Binance but also himself.
So what’s next for CZ?
The crypto founder said he would take a break, including a phone off break, which is something he has not done for the past six years or more.
He also mentioned doing “passive investing” and spending more time on decentralized finance (DeFi).
“I will take a break first. I have not had a single day of real (phone off) break for the last six and half years. After that, my current thinking is I will probably do some passive investing, being a minority token/shareholder in startups in areas of blockchain/Web3/DeFi, AI and biotech. I am happy that I will finally have more time to spend looking at DeFi,” CZ wrote in a post on X Tuesday.
CZ also dismissed the possibility of heading a startup again, as he is happy to have been given the chance to be a “one-shot lucky entrepreneur.” However, he toyed with the idea of being a coach or mentor to upcoming businessmen.
“I can’t see myself being a CEO driving a startup again. I am content being a one-shot (lucky) entrepreneur. Should there be listeners, I may be open to being a coach/mentor to a small number of upcoming entrepreneurs, privately. If for nothing else, I can at least tell them what not to do,” he said.
CZ clarified that in the settlement agreement with several U.S. authorities, Binance was not accused of misappropriating user funds and engaging in any market manipulation.
“On that note, I am proud to point out that in our resolutions with the U.S. agencies they: do not allege that Binance misappropriated any user funds, and do not allege that Binance engaged in any market manipulation,” he noted. “Funds are SAFU!”
Moreover, he is excited about “seeing the new leadership take the reins.”
“Please join me in congratulating Richard on his well-deserved promotion,” he said.
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
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