This article presents Binance founder Changpeng Zhao’s first public statement since his release from U.S. prison on October 31. Back in Dubai, he shared insights during a conversation at Binance Blockchain Week.
Austin: I’m Austin from Altcoin Daily. CZ, this is your first interview since your release. How was your experience in prison? Must not have been great.
CZ: Definitely not as enjoyable as now. It was a very restrictive experience with my freedom taken away and not much to do, but it gave me a lot of time for reflection. I learned important lessons, such as what I missed most when everything was stripped away. For me, it was connections with people—my kids, family, friends, colleagues, and the community. I missed food and a comfortable bed, but not as intensely. This experience re-centered my priorities.
Austin: Do you think it was a fair judgment?
CZ: That’s very subjective; people will have different opinions. There was a plea agreement where I agreed to certain terms, and I won’t speak negatively about it—I’ve accepted the outcome. In sentencing, I got four months. It’s tough being a judge; different perspectives exist on whether that’s too much or too little. For my offense—violating the Bank Secrecy Act—I’m the first in U.S. history to be sentenced for a single violation of this kind. Just a few weeks ago, a bank was fined $1.8 billion for a similar issue, and no one was prosecuted. So, fairness doesn’t matter much to me now; the judge said positive things about me, and compared to others, my sentence was short. Most people I met inside were there for five, ten years, even longer. So, in that sense, I consider myself fortunate, and I’m moving forward.
Austin: Did you make friends inside?
CZ: Yes, you have to make friends, or it would be tough. Some guards recognized me and even asked about which coins to buy. I could only tell them I had no internet access or crypto info. I made some friends whom I still keep in touch with. Many were good people serving lengthy sentences for minor issues. While a few guards were unfriendly, I wasn’t harmed physically, so I’m lucky in that sense. Before entering, prison consultants (it’s an industry) advised me not to put too much money in my account, so I kept only $50, while others had $200—making me seem “poor.” Overall, I had no major issues and now try to help some of my friends there with sentence reductions through legal means.
There was a man named Michael in for a 40-year-old marijuana case; he’s been there 27 years. He earned a college degree and read six books while incarcerated. In such a harsh setting, achieving anything significant is challenging. We only got 15 minutes of computer time, and we’d be logged out automatically after that, with no copy-paste function. Michael didn’t even have a computer in his time. But despite the conditions, many still strive to learn and get degrees; there are some truly good people inside.
Austin: What’s your current relationship with Binance?
CZ: I’ve stepped down as CEO and don’t participate in day-to-day operations. I’m still a major shareholder, so I can request information but can’t make decisions. Overall, the relationship is good; a new team is hard at work, and I’m “retired.” The first month was emotionally challenging, as I had invested a lot into Binance over seven years. However, I believe a CEO’s term shouldn’t exceed ten years as the world constantly evolves. Now, with AI and DeFi, being pushed out may have benefits, allowing me to explore these areas. If I had quit voluntarily, people might think I’d given up, but now I’m forced, so no one complains.
I feel fortunate—my reputation may have shifted, but I value past achievements that show there was no fraud or loss of user funds, so my reputation remains intact in some ways. I’m not young anymore but still have the energy for new projects. Having the freedom and resources to pursue what I want is a blessing.
Austin: It’s rumored you’re banned from managing any crypto exchange for life. Is that true, and will you still invest in crypto?
CZ: To clarify, “lifetime” and “ban” aren’t in my agreement with the government. I stepped down as CEO, with no time limit. The agreement could change, and governments change, too. But I don’t intend to return as CEO—I think the team is doing great without me, and even if I had the chance, I wouldn’t go back. I believe media exaggeration led to the “lifetime ban” rumor.
As for investments, I’m still investing in blockchain, AI, and biotech. I’m no longer interested in leading projects but prefer to support entrepreneurs with funding, guidance, and resources. I have valuable mentors, and I hope to become one myself.
Austin: Are you still optimistic about crypto in 2025?
CZ: I try to avoid financial advice, but history doesn’t dictate the future. Bitcoin has shown clear four-year cycles: 2013 and 2017 were bull years, 2012 and 2016 were recovery years leading to surges, and 2020 was a recovery year with a bull market in 2021. Based on that, 2024 is a recovery year, and I’m very optimistic long-term. As more people adopt crypto, its utility grows. So, yes, I’m optimistic.
Austin: What aspect of crypto are you most excited about? DeFi or meme coins?
CZ: It’s hard to predict which sector will be next. In early 2017, I wouldn’t have predicted ICOs would be hot, but by June, it was clear. This morning I met some founders combining AI and blockchain with unique ideas. If one project takes off, that sector grows. I’ll continue supporting builders and see where it goes.
Austin: What do you think about crypto regulations in the future?
CZ: Regulation is improving. Some countries, like Japan, recognize Bitcoin as a currency, while in the U.S., debates continue. Just before my sentencing, Elizabeth Warren announced a crypto crackdown, but by June, Trump supported it, followed by bipartisan backing. So, I see a positive trend.
Austin: Many in the U.S. view crypto as a significant election issue. Do you think Harris or Trump is friendlier toward crypto?
CZ: I won’t comment on elections as U.S. election laws are strict, and my words could be misinterpreted. Both parties supporting crypto is a positive sign.
Austin: From the U.S. perspective, what’s the most important policy or legislation?
CZ: Classification is critical. Most other countries view crypto as currency; the U.S. doesn’t. But I’ll avoid too many comments here.
Austin: If we’re on stage at Binance Blockchain Week in 2025, where do you see crypto?
CZ: Hard to predict, but history may repeat, and we’ll likely be in a good position.
Austin: I like that outlook! CZ, what’s next?
CZ: I’m focusing on Giggle Academy, a meaningful and impactful project, though not a profitable one.
Austin: For those unfamiliar, what is Giggle Academy?
CZ: It’s a digital education platform for underserved communities. Around 700-800 million adults are illiterate, with two-thirds being women, and 300-500 million children lack access to education, mostly in impoverished areas.
We have the tech now—by combining game developers, graphic designers, educators, and AI—to create tools providing education without relying on teachers, who are scarce and expensive in these areas. Our goal is to reach 100 million people without needing large funds.
Currently, education involves 20 million teachers for a global student population. Many early-grade lessons are repetitive, so if we digitize content with interactive AI, the cost per subject could be around $1 million. Covering all education for 12 grades in multiple subjects could cost roughly $300 million. With buffers, about $1 billion could meet all educational needs in 500 languages.
The U.S. spends $100 billion annually on education, so with under 2% of that, we could offer education to millions of children in need, even better than traditional methods.
Austin: Will any parts of Giggle Academy integrate Web3 or blockchain, and will there be airdrops?
CZ: Not soon. I’m done issuing new tokens, but we might support existing ones like Bitcoin, Ethereum, or BNB. For example, we could pay kids for community support roles in BNB. Also, AI companies pay for user-generated data, and if we use it to train AI with consent, families could earn $10-$100—a significant sum for many. So, “learn-to-earn” could work without tokens, sponsored by AI companies.
Long-term, I hope to integrate Web3’s economic model. This platform is designed to accompany users from early education to employment. When they start working, we might suggest (not require) that they donate a small income percentage back to the platform.
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