Binance Founder CZ Resigns and Embraces Retirement Amid Legal Issues

The founder of Binance, Zhao Changpeng (CZ), recently resigned and pleaded guilty to violating the Banking Secrecy Act. Despite posting a $175 million bail, CZ remains in the United States.

CZ bid farewell to the crypto community on his X account, expressing gratitude for the support. He shared his retirement thoughts, adjusting to newfound free time and a shift away from his former role.

He joked about early retirement, now experiencing a sudden shift. Despite uncertainties, CZ remains stable, aiming to embrace the leisure he’s gained.

Community members, like the X user ‘C4B Freedom,’ acknowledge CZ’s significant impact post-Satoshi Nakamoto. Binance reached over 150 million users in just six years, underscoring CZ’s pivotal role.

Screenshot of X user’s, @C4B Freedom, comment to CZ’s post.

While CZ mentioned taking a break in his resignation announcement on X, he hinted at passive investments in blockchain, Web3, DeFi, AI, and biotech startups. Retirement means exploring DeFi and potentially mentoring aspiring entrepreneurs, sharing insights from his experience.

I will take a break first. I have not had a single day of real (phone off) break for the last 6 and half years.

After that, my current thinking is I will probably do some passive investing, being a minority token/shareholder in startups in areas of blockchain/Web3/DeFi, AI and biotech. I am happy that I will finally have more time to spend looking at DeFi.

I can’t see myself being a CEO driving a startup again. I am content being an one-shot (lucky) entrepreneur. Should there be listeners, I may be open to being a coach/mentor to a small number of upcoming entrepreneurs, privately. If for nothing else, I can at least tell them what not to do.

CZ’s sentencing hearing is set for 22 February 2024. Violating bail terms could lead to arrest, a $250,000 fine, or up to 10 years in prison. CZ must abide by US laws and refrain from tampering with case-related individuals.

The resignation marks a new chapter for CZ, navigating retirement amid legal challenges.

* Original content written by Coinlive. Coinbold is licensed to distribute this content by Coinlive.