Former Binance CEO Returns to Public After Prison
Date: 2024-11-01 Author: Gabriel Deangelo Categories: BUSINESS
In late 2023, Binance decided to change its management and paid a fine of $4.3 billion to settle claims from the US Department of Justice regarding money laundering and sanctions violations. Zhao personally was fined $50 million and spent four months in prison, being released at the end of September.
During his speech at the conference, Zhao noted that it is difficult to predict the Bitcoin rate in the coming months, but its long-term outlook looks positive. CZ explained this by the peculiarity of the four-year cycles of the cryptocurrency market: during this period, Bitcoin usually reaches a new maximum, corrects, and then rises again to a new record. According to him, 2024 will be the year of Bitcoin's recovery.
Binance co-founder He Yi emphasized that Zhao's departure in 2023 was one of the most serious internal challenges for the company. However, thanks to the professionalism of the team and a high degree of organization, the exchange was able to continue its operations and maintain its position in the market.
As of October 2024, Binance's market share has decreased by about 13%, falling below 40%, but the platform remains the largest in terms of trading volume.
In September, it became known that Binance imposed a lifetime ban on Zhao from participating in the management of the company, leaving him with the status of a majority shareholder. Despite his absence from the board of directors, his influence remains significant.
Zhao shared that in prison, he missed communication with his loved ones the most. He also said that several guards asked him which cryptocurrencies they should invest in.
CZ emphasized that he does not plan to return to management activities. Now he is focused on supporting educational and investment projects related to blockchain, artificial intelligence and science.
