Crypto billionaire Zhao promises more tech investments after leaving US custody

(Bloomberg) — Billionaire Changpeng Zhao pledged to continue investing in the blockchain sector, as well as artificial intelligence and biotechnology, in the crypto mogul’s first public comments since his release from U.S. custody.

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In a post on social media platform X over the weekend, the co-founder of digital asset exchange Binance Holdings Ltd. described himself as a long-term investor who cares about “impact, not returns.”

Binance was hit with a $4.3 billion penalty in November under a plea deal to settle US charges over failures that allowed criminals and terrorist groups to use the exchange. Zhao agreed to pay a $50 million personal fine and was later sentenced to four months in prison. He was released from a California correctional facility on September 27.

Zhao said his new venture called Giggle Academy, a nonprofit online education platform, “is going to be a big part of my life.” He said he would also devote more time and funds to charity.

Binance is the world’s largest cryptocurrency exchange, making it a hub for trading digital assets and related derivatives. According to the plea agreement, Zhao stepped down as chief executive, handing the reins to Richard Teng. The platform also faces years of compliance monitoring by the Department of Justice and the US Treasury’s Financial Crimes Enforcement Network.

Zhao has a net worth of more than $30 billion, according to the Bloomberg Billionaires Index, making him possibly the richest US inmate.

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