CZ Asserts He Will Never Sell His Stake in Binance

In an exclusive interview with Bloomberg just before the U.S. presidential election results, former Binance CEO Changpeng Zhao (CZ) shared notable insights. This marked his first interview with a mainstream media outlet since completing his four-month prison sentence at the end of September 2024 for money laundering violations, as per an agreement with the U.S. Department of Justice.

Beyond the prison term, Binance was fined $4.3 billion, and CZ was banned from returning to the company’s leadership for three years. Current CEO Richard Teng even hinted that the ban might be indefinite.

When asked about the possibility of returning to Binance, CZ affirmed:

I don’t think I want to go back. Leading the company for seven years was a memorable journey; it was challenging, but I fully enjoyed it. Now, I feel that chapter of my life has closed.

Although no longer in control, CZ remains Binance’s largest shareholder with a 90% stake. According to Forbes’ June 2024 estimate, Binance is valued at around $33 billion, meaning CZ’s holdings are worth $30 billion. Including the BNB held by the exchange, his net worth could exceed $60 billion. Bloomberg’s separate assessment lists CZ’s assets at $52.7 billion, with an increase of $12.1 billion following Donald Trump’s election win, placing him 25th among the world’s wealthiest individuals.

CZ Asserts He Will Never Sell His Stake in Binance

Notably, CZ revealed he had declined several offers to buy his Binance shares but withheld details about the potential buyers and the size of the stake offered. He shared:

I’m not saying I’ll hold onto this stake forever, and I’m open to considering offers, but I haven’t made any decisions yet. For now, I’m simply an ordinary shareholder.

Regarding the $500 million investment in Elon Musk’s social network X (formerly Twitter) in 2022, CZ expressed confidence in the long-term vision and the improvements Musk has made, even though X’s value has since significantly declined.

At the end of October, CZ made his first public appearance at the Binance Blockchain Week 2024 conference in Dubai. There, he confirmed he would focus on his educational project, Giggle Academy, along with other personal investments.