“Don’t compare me to SBF, it’s an insult”, says CZ

Changpeng Zhao, better known as CZ, founder of Binance, does not accept any comparison with Sam Bankman-Fried (SBF), former CEO of FTX, convicted of financial crimes.

“Comparing me to someone who steals money is an insult,” CZ snapped, highlighting the fundamental difference between him and SBF: while SBF faces serious convictions, CZ claims his legal troubles are limited to corporate registration issues.

In a recent appearance at the Coca-Cola Arena in Dubai, he reinforced his distancing from SBF, at an event that celebrated his return with enthusiasm.

CZ, who dedicated years to building Binance into one of the world's largest cryptocurrency exchanges, has stepped down as head of the company as part of a settlement with the US Department of Justice.

This departure is the result of a legal dispute over non-compliance with anti-money laundering (AML) regulations, leading CZ to serve a brief sentence in a minimum security prison in California. As part of the agreement, he now acts as a passive investor, without directly influencing Binance's operations.

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CZ

The North American government imposed a billion-dollar fine on Binance, an amount that reinforces the authorities' commitment to strict compliance with financial regulations.

Following CZ's release, the company appointed Richard Teng, a former Abu Dhabi regulator, as the new CEO. However, CZ still exerts influence as Binance's largest shareholder, although he remains distant from day-to-day decisions.

During his time in prison, CZ experienced a reality far from his luxurious everyday life. He kept a low profile and focused on exercise, as well as taking the time to write a book and share his knowledge about cryptocurrencies with other inmates.

Among them, a bank robber, who became his training partner, attracted attention due to his interest in cryptocurrencies. This particular inmate has made a name for himself as a crypto enthusiast, and CZ is now using his influence to connect his former colleague with pro-bono lawyers in hopes of reducing his sentence.

After his release, CZ took on new interests, including investments in artificial intelligence and biotechnology. He also announced the launch of “Giggle Academy”, a non-profit educational app focused on democratizing access to education. Even though he is removed from leadership, CZ describes Binance as a “child who, when he grows up, no longer needs me”.

Yi He, co-founder of Binance and mother of CZ's children, remains active in operations, ensuring some continuity in management. However, the responsibility for leading the company now falls to Richard Teng and his team. Despite the absence of CZ, Binance remains one of the largest global exchanges, maintaining an influential presence in the cryptocurrency market.

In addition to his professional career, CZ also made investments in impact projects, such as participating in financing the acquisition of Twitter by Elon Musk. Although the valuation of this application has been contested, CZ maintains his long-term vision, stating that his bet on Musk aims to transform the platform

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