Good day everyone,
I hope you are all having a good day, welcome to CryptoGod-1's blog on all things crypto. In this post I will be looking at recent comments by former Binance CEO Changpeng Zhao (CZ).
CZ on Life in Prison
On the 31st of October during Binance Blockchain Week in Dubai Changpeng Zhao (CZ) made his first appearance on stage since being released from his four month prison sentence for violating the U.S. Bank Secrecy Act and other regulatory issues. In front of a packed room he discussed his time in prison along with his future plans.
CZ was greeted with a standing-room-only crowd and ovation on his return to crypto, and despite looking visibly aged and humbled by recent challenges, CZ retained his trademark charm and calm resilience during the flagship event held at the Coca-Cola arena in Dubai. It was the second day of the two-day conference and in the hour building up to his scheduled appearance the main stage area began filling up.
During his discussion CZ noted that his time in prison helped him reflect on the importance of human connection. He discussed prison life and noted that prison helped him refocus his priorities in life. CZ reflected:
“So I think the whole experience is just very limiting in a lot of ways, right? So your freedom is taken away and you have nothing to do, so it gives you a lot of time to reflect. I actually learned a lot of really important lessons. For example, when everything is taken away from you, what do you miss the most? What I found is actually it’s the human connection that I miss the most. I missed my kids, my family, my friends, my colleagues and the [Binance] community.”
CZ also responded to questions on his sentence, noting that it was very “subjective,” adding that the judge has a tough job. He stated:
“If you ask one side, they will say, no, it’s [four-month prison sentence] too easy. If you ask the other my side they would be like, too harsh.”
The legal troubles for CZ began back in late 2023 when U.S. authorities launched a sweeping investigation into Bianance operations. He was arrested under allegations of violating several U.S. financial laws and these included charges related to money laundering, operating an unlicensed money transfer service, and facilitating illegal transactions through Binance’s platform. CZ noted he was the first person to go to prison over a Bank Secrecy Act violation, in contrast with TD Bank's recent settlement with U.S. prosecutors in which no individual has so far pleaded guilty to any similar charges.
CZ went on to express his surprise that current U.S. presidential nominees, former President Donald Trump and Vice President Kamala Harris, have been outspoken regarding cryptocurrency in their campaigns. He noted:
"I'm just sitting in prison like 'What the hell happened?' What if I waited for two months?"
When CZ was asked did he make friends in prison he responded yes, noting its something you pretty much have to do otherwise you are alone with no community. He stated:
“I had a couple of [prison] guards recognize me and then ask me, like, what coin should I buy? I’m like, I better not pick the wrong coin.”
Although he is no longer the CEO of Binance, CZ remains a shareholder but is no longer involved in any decision-making at the crypto exchange. He remains bullish on crypto, and remarked that he is spending at least half of his time on an educational platform called Giggle Academy, something he originally announced last year. The project is aiming to provide digital education services to people who don't have access to educational resources already, he told the audience. It will aim to target 1.2 billion underserved individuals worldwide. On the project CZ stated:
"Today there's about 700 to 800 million adults who are illiterate, and two-thirds of them are women. And on top of that, there's about, depending on which report you read, there's about 300 million to 500 million kids who don't go to school. When you look at educational apps, educational projects, they're all in places where … they're all supplementing the existing education system."
CZ was wearing a T-shirt emblazoned with the Giggle Academy logo, but he also noted that he is also focusing on investments, including in artificial intelligence, biotech and other blockchain projects.
Have a great day.
Peace. CryptoGod-1.
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