CZ Reveals He Got Offers to Sell His Stake In Binance, Says The Chapter Is Now Over

Share This Post

Changpeng Zhao’s Wealth: Prison Can’t Hold Down a Crypto Tycoon

The post CZ Reveals He Got Offers to Sell His Stake In Binance, Says The Chapter Is Now Over appeared first on Coinpedia Fintech News

Zhao’s return in Dubai was met with a lot of public attention with loud cheers underscoring his continued influence in the crypto community. Yet, he reaffirmed his decision to step back from Binance leadership, noting he’s content with the changes. “I’ve been leading the company for seven years… But I think that chapter is that chapter,” CZ said, according to a report by Bloomberg.

CZ Got Offers To Sell His Stake

During the Binance Blockchain Week in Dubai in late October, Changeng Zhao revealed how he got several offers to sell his stake in the crypto exchange. While he declared that he is happy to review every offer, however, he noted that he has not yet taken any steps to part with his holdings. “I’m just a regular shareholder at this point,” he added, signaling his shift to a passive role within Binance. He compared the exchange to a grown-up child ready to be independent.

After stepping down as the CEO in late 2023 after a $4 billion plea deal with U.S. authorities, Zhao has distanced himself from the exchange’s daily operations. He has shifted his focus to investments in AI, biotech, and his non-profit venture, Giggle Academy, which is yet to be launched. Despite all of this, Zhao remains the largest shareholder of Binance, holding an estimated 90% stake.

The Big Bitcoin Guy

He reflected on his forced separation from Binance and four months of incarceration during which he passed the time by working out, writing a book and talking crypto with fellow inmates. Notably, he revealed that not many of the inmates recognized Zhao at first and the word eventually spread that he was a “big Bitcoin guy” and “not poor.”

“I don’t think I want to go back” to being Binance’s chief executive officer, Zhao said in the interview, “I’ve been leading the company for seven years. I enjoyed it. It’s a lot of work. But I think that chapter is that chapter.”

Binance’s ‘Long-term’ Investment

During his time in custody, Zhao’s net worth saw fluctuations. However, with Trump’s recent win in the elections, he witnessed a surge of $12.1 billion, as crypto markets reacted favorably. CZ also expressed his satisfaction with Binance’s early investment in Elon Musk’s platform X, previously Twitter. He described the investment as “long-term” despite fluctuations in its value.

Since he stepped down, Binance has transitioned under the guidance of Richard Teng, with a new era for the company.  The Binance leadership asks his advice “very rarely,” he says, and he obliges only with “historical context. While CZ claims that Binance’s leadership now consults him only “very rarely,” however, his impact remains substantial. 

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

SEC Push Against Elon Musk Stalls as Judge Denies Sanctions

A US federal judge declined the SEC’s request to sanction Elon Musk over his absence from a court-ordered testimony related to his $44 billion acquisition of Twitter Judge Jacqueline Scott

XRP Price Builds a Base: Can Bulls Ignite a New Rally?

XRP price surged further above the $145 and $150 resistance levels The price is now consolidating gains near $140 and might aim for more upsides XRP price started a fresh surge above the $140

Can Bitcoin Price Rise Above $99k Today? Indicators Turn Green Despite Pullback Below $96k

The post Can Bitcoin Price Rise Above $99k Today Indicators Turn Green Despite Pullback Below $96k appeared first on Coinpedia Fintech News Bitcoin is currently down by more than one percent and is

Binance Bitcoin Reserves Up 25%, Holding 40% of Global Market Share

The post Binance Bitcoin Reserves Up 25%, Holding 40% of Global Market Share appeared first on Coinpedia Fintech News Despite persistent fear, uncertainty, and doubt (FUD), Binance’s customer

India’s RBI Boosts Cross-Border Payments Platform with CBDC Integration

The post India’s RBI Boosts Cross-Border Payments Platform with CBDC Integration appeared first on Coinpedia Fintech News The Reserve Bank of India (RBI) is enhancing its cross-border payments

XRP Price Prediction For November 25

The post XRP Price Prediction For November 25 appeared first on Coinpedia Fintech News Ripple’s XRP is currently down by more than five percent and is trading near the $140 levels Majority of the