Binance CZ Makes First Public Appearance in Dubai After Release

Binance co-founder and former CEO Changpeng Zhao, commonly known as CZ, made a public appearance at Binance Blockchain Week in Dubai, marking his first since serving a four-month prison sentence for anti-money laundering violations. Interviewed on stage by Austin Arnold of Altcoin Daily, Arnold opened with a light-hearted question about CZ’s “summer” in prison.

Who said crypto is stressful? pic.twitter.com/gFPcX2lOxN

— CZ 🔶 BNB (@cz_binance) October 31, 2024

CZ responded humorously, saying he had “much less work to do, so pretty relaxed,” though he described prison as a restrictive experience with limited activities. Reflecting on the time, CZ shared that it allowed him to reassess his priorities, recognizing that he missed his family, friends, colleagues, and the wider crypto community.

“It helped me to refocus my priorities in my life,” he noted.

CZ Clarifies His Relationship With Binance

In April, CZ received a four-month sentence and a $50 million fine following his guilty plea in November 2023 for failing to establish effective anti-money laundering measures at Binance. The exchange also agreed to pay a record-breaking $4.3 billion in fines, prompting varied responses from the crypto community.

Although there were concerns about his safety in prison because of his wealth, CZ shared that he experienced no violence and even made friends he still keeps in touch with. He added that some guards recognized him and asked for advice on which cryptocurrencies to buy.

After serving his sentence, CZ clarified his current relationship with Binance. While he no longer manages daily operations, his shareholder rights remain intact. Although stepping back initially felt challenging, he is now focused on investment and Giggle Academy, a digital education initiative.

Binance Launches Solution for Crypto Wealth Managers

Recently, the world’s largest cryptocurrency exchange by trading volume announced the launch of a new service, Binance Wealth.

The service allows wealth managers to easily onboard high-net-worth individuals and offer them a wide range of digital assets. According to CoinTab, the service will reduce the entry barrier for wealth managers and high-net-worth clients seeking exposure to crypto assets.

Wealth managers who wish to access the service must apply first. After being successfully onboarded, they can help their clients in the onboarding journey.