Former Binance CEO Changpeng Zhao, widely known as CZ, has dismissed speculation of a potential return to lead the cryptocurrency exchange he founded, saying he has no intention of resuming his former role.
In a recent interview, CZ, who stepped down amid legal issues with U.S. authorities, confirmed that he is ready to move on from his years at Binance. “I don’t think I want to go back… it’s a lot of work. But I think that chapter is that chapter,” he remarked.
CZ, who led Binance for over seven years, was replaced by long-term company executive Richard Teng following his exit. Since stepping down, he has focused on life beyond the CEO position, now holding a significant stake in Binance as a shareholder.
Reflecting on his post-CEO status, CZ revealed that he has received numerous offers to sell his substantial 90% stake in the company, though he has yet to act on any of them.
Despite no longer holding an executive role, CZ’s 90% stake in Binance continues to account for the majority of his wealth, which is estimated in the billions. He indicated that while he is open to reviewing offers for his shares, he hasn’t committed to any specific plan to divest. “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,” he explained.
CZ’s wealth saw a notable surge recently, growing by $12.1 billion overnight. His net worth now stands at an estimated $52.7 billion, making him one of the wealthiest figures in the cryptocurrency industry.
In terms of legal background, CZ’s departure came after U.S. authorities charged him with maintaining a weak anti-money laundering program at Binance, violating the Bank Secrecy Act. Additional accusations involved facilitating transactions with sanctioned countries like Iran and Cuba. As a result, Binance was fined $4.3 billion, with CZ personally paying a $50 million fine. He completed a four-month sentence, culminating in his release on September 27.
The once-dominant CEO now focuses on his role as a shareholder, stating that he doesn’t intend to hold onto his Binance equity indefinitely.