- CZ said prison did not stop new business deals after partners understood his conviction.
- Zhao shifted from Binance leadership to investing and advising startup founders.
- Zhao said he accepts the case outcome and plans to focus on long-term investments.
Changpeng “CZ” Zhao said his prison sentence has not prevented him from building new business relationships following his departure from Binance, adding that many people changed their views once they understood the nature of the legal case that led to his conviction.
Speaking about his life after serving a four-month federal prison sentence in the United States, the former Binance chief executive said he has shifted his attention toward investment activities and advising startup founders rather than returning to executive leadership.
New Focus After Leaving Binance
Zhao said his work now centers on investment opportunities through YZi Labs, the family office that succeeded Binance’s former venture capital arm, alongside overseeing the nonprofit education initiative Giggle Academy.
According to Zhao, prospective business partners have not withdrawn from discussions because of his conviction. He said that after explaining the case involved violations of the U.S. Bank Secrecy Act rather than fraud, some investors showed greater confidence in working with him.
He added that several people later acknowledged they had initially misunderstood the case because they believed it involved financial misconduct.
Reflecting on Compliance Failures
Looking back at Binance’s early years, Zhao said he underestimated the global reach of U.S. anti-money laundering and sanctions regulations. He explained that the exchange was launched outside the United States and operated from several jurisdictions, including Shanghai, Malta, and Singapore, leaving him with a limited understanding of how U.S. laws could apply internationally.
The U.S. Department of Justice announced charges against Zhao and Binance in 2023, accusing the exchange of failing to implement adequate anti-money laundering controls and allowing transactions connected to ransomware, darknet activity, and other illicit conduct. Zhao later pleaded guilty and agreed to step down from Binance as part of the settlement.
He said he accepted the court’s decision, despite believing the sentence was severe, and described the matter as behind him.
Prison Experience and Future Plans
Zhao recalled that while serving his sentence at a low-security federal prison in Lompoc, California, fellow inmates and prison staff frequently approached him with questions about cryptocurrency.
Without internet access, he said he could not offer market opinions but spent time writing sections of his memoir, Freedom of Money. He described revising the manuscript as a therapeutic process and said he has since donated about $2 million to the nonprofit Prison Professors.
After completing his sentence, Zhao said he deliberately stayed away from the United States for a period before returning for industry events. He later received a presidential pardon from President Donald Trump, removing the remaining legal consequences of his guilty plea.
Despite the pardon, Zhao said he has little interest in returning to a chief executive position. Instead, he intends to continue supporting founders through investments and advisory work while exploring projects that he believes can have a broader long-term impact.
Related: Here’s How CZ Responded after Trump’s Pardon Triggered a Washington Backlash
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