By Jeff John Roberts, Fortune; Compiled by Baishui, Golden Finance
On Friday, Zhao Changpeng will take to the streets of Long Beach, California, as a free man for the first time in months. Zhao has been in federal custody since April after agreeing to return to the United States from Dubai to serve a five-month sentence for failing to implement adequate anti-money laundering controls at Binance, the large cryptocurrency exchange he founded. During that time, Zhao Changpeng served about two months in a minimum-security prison in the California desert before being transferred to a halfway house in Long Beach, where he was allowed supervised outings and even to see a movie, according to a prison official.
Now, Zhao Changpeng will have more options, returning to society with a personal fortune of about $60 billion (the world's 25th richest person) and his legal troubles behind him. Zhao Changpeng did not immediately respond to a direct message asking about his plans.
When he is released on Friday, two days before his official release date (if the release date falls on a weekend, inmates leave the prison early), he will likely be driven to a private jet to Long Beach or Los Angeles. His first stop could be Dubai or Paris, where his children live with their mother, He Yi, Zhao’s one-time lover and Binance executive.
In a 2023 interview with Fortune magazine, Zhao recalled his brilliant but aloof late father and expressed concern that he had inherited some of his father’s neglectful character. Zhao may decide to make up for lost time after his release by spending more time with his family, including his sister, son and mother. Their families have all attested to Zhao’s character and stood by him at his sentencing this spring.
The family’s support helped convince the sentencing judge to accept what some considered a lenient five-month sentence. The judge also praised Zhao's "extraordinary commitment and dedication to global philanthropic activities."
It remains to be seen to what extent Zhao will translate these philanthropic promises into concrete activities. Before going to prison, he launched a project called Giggle Academy, promising to create free, fun and accessible learning tools for children around the world.
"In the next chapter of my life, I want to provide opportunities for others, our young people. I am building a platform to provide high-quality education for free to underprivileged children around the world," Zhao said during his sentencing hearing.
At present, Giggle Academy appears to be little more than a website. The site includes several job postings posted a few months ago, but no information related to the timeline of the project or the source and scope of its funding. Perhaps unsurprisingly, though, given Zhao's recent situation, more details about Giggle Academy may emerge in the coming months.
In addition to family and philanthropy, the now-free Zhao Changpeng may turn his attention to a third pursuit: the cryptocurrency industry, which has made him a vast fortune and allowed him to dominate for nearly a decade.
When it comes to crypto, however, Zhao Changpeng faces a major problem: Under the terms of the criminal settlement, he must step down as CEO of Binance and stay away from any "day-to-day" activities involving the company. At the same time, the settlement also requires Binance to accept two external monitors imposed by the US government to ensure compliance.
Despite these apparent restrictions, the reality is that Binance no longer operates in the United States as it focuses on Asian and offshore markets. Even if Zhao Changpeng is no longer CEO, he will still be the company's largest shareholder, which should give him considerable influence over the company's future direction.
In response to a request for comment on Zhao’s release, a Binance spokesperson wrote: “We are glad that Zhao Changpeng is returning home to reunite with his family. While he does not manage or operate Binance, we are excited to see what he does next. Since last year, Binance has continued to thrive under the leadership of our existing team, with more than 229 million users worldwide.”
Finally, it is worth noting that Zhao Changpeng is only 47 years old - an age that is the prime of many executives’ careers, and many have just assumed their first CEO position. All of this suggests that Zhao Changpeng is ready for the second phase of his career, and his influence will be felt in the cryptocurrency and business world in the coming years.
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