Changpeng Zhao plans to invest in DeFi startups

Nov 22, 2023
The former CEO of the largest crypto exchange Binance has resigned after pleading guilty to US charges of running an unlicensed financial business, collusion and violation of the Emergency Financial Powers Act.

Zhao will pay a fine of $50 million, but at the same time will retain a controlling stake in the crypto exchange. According to the court’s decision, the former director of Binance cannot hold management positions or act as an official representative of the company. The new CEO of Binance is Richard Tang, who previously oversaw the affairs of the crypto exchange outside the United States.

In his blog, X Changpeng Zhao stated that he plans to engage in passive investing in the field of Blockchain/Web 3/DeFi, artificial intelligence and biotechnology. He also noted that he plans to become a private mentor, a trainer for aspiring entrepreneurs.