Binance founder Zhao vows more tech investment after release from US prison

Binance co-founder Zhao Changpeng served a four-month sentence for failures that let criminals and terror groups use the crypto exchange. SINGAPORE - Binance co-founder Zhao Changpeng pledged to keep investing in the blockchain sector as well as artificial intelligence and biotechnology, in the crypto billionaire’s first public comments since his release from US custody . In a post on social-media platform X over the weekend, Zhao described himself as a long-term investor who cares about “impact, not returns.

” Binance was hit with a US$4.3 billion (S$5.5 billion) penalty in November under a plea deal to settle US charges over failures that let criminals and terror groups use the crypto exchange.



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

Zhao said his new endeavour 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 the Singapore Exchange’s former chief regulatory officer Richard Teng. The platform also faces years of compliance monitoring by the Justice Department and the US Treasury’s Financial Crimes Enforcement Network. BLOOMBERG Join ST's Telegram channel and get the latest breaking news delivered to you.

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