Crypto Billionaire Zhao Vows More Tech Investment After Leaving US Custody

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Crypto Billionaire Zhao Vows More Tech Investment After Leaving US Custody

(Bloomberg) — Billionaire Changpeng Zhao pledged to keep investing in the blockchain sector as well as artificial intelligence and biotechnology, in the crypto mogul’s first public comments since his release from US custody.

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In a post on social-media platform X over the weekend, the co-founder of the Binance Holdings Ltd. digital-asset exchange described himself as a long-term investor who cares about “impact, not returns.”

Binance was hit with a $4.3 billion penalty in November under a plea deal to settle US charges over failures that let ********** and ******* groups use the exchange. Zhao agreed to pay a $50 million personal fine and was later sentenced to four months in custody. He was released from a correctional facility in California on Sept. 27.

Zhao said his new endeavor called Giggle Academy, a nonprofit online education platform, “will be a big part of my life.” He said he will also dedicate more time and funding to charity.

Binance is the world’s largest crypto exchange, making it a linchpin of trading in digital assets and related derivatives. Under the plea deal, Zhao stepped down as chief executive officer, handing the reins to Richard Teng. The platform also faces years of compliance monitoring by the Justice Department and the US Treasury’s Financial ******* Enforcement Network.

Zhao has a net worth of more than $30 billion, according to the Bloomberg Billionaires Index — likely making him the richest ever US inmate.

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