Fortune Full Text: Zhao Changpeng was released early today, where will his next stop be?

Author: Fortune

Compiled by: Azuma, Odaily Planet Daily

On Friday local time, CZ will step onto the streets of Long Beach, California, as a free man for the first time in months.

Since agreeing to return to the U.S. from Dubai in April, CZ has been under federal detention due to his cryptocurrency exchange Binance's failure to implement adequate anti-money laundering controls, resulting in a five-month prison sentence. During this time, CZ spent about two months in a minimum-security prison in the California desert before being transferred to a halfway house in Long Beach — a prison official revealed that CZ could engage in outdoor activities under supervision and even go to the movies.

Now, as CZ returns to society, he will have more options, with a personal fortune of $60 billion (ranked 25th in the world), and the legal troubles that plagued him have become a thing of the past. CZ did not immediately respond to questions about his next plans, and his lawyer told Fortune that he did not want to be interviewed on the day of his release.

Nevertheless, we can make some informed guesses about his next moves.

On Friday, CZ will gain freedom two days before his official release date — if the release date happens to fall on a weekend, inmates are released early. He may first take a car with a driver, then be taken to a private plane in Long Beach or Los Angeles.

CZ's first stop is likely to be Dubai or Paris, as his children and their mother He Yi, who is also a co-founder of Binance, live there.

In a 2023 interview with Fortune magazine, CZ reflected on his smart but aloof late father and expressed concerns that he might inherit some of his father's traits. CZ may decide to make up for lost time after his release by spending more time with family, including his sister, son, and mother.

His family stood firmly by CZ during the sentencing this spring and vouched for his character, which helped persuade the judge to accept what some considered a lenient five-month sentence.

The judge also mentioned CZ's "extraordinary commitment and dedication" to global charitable efforts. It remains unclear to what extent CZ will translate these charitable commitments into concrete activities. Before his imprisonment, he launched a project called Giggle Academy, promising to create free, fun, and accessible learning tools for children around the world.

Zhao stated at the sentencing hearing, "In the next chapter of my life, I want to provide opportunities for others, especially young people. I am building a platform to provide free, high-quality education for impoverished children globally."

Currently, Giggle Academy seems to be more than just a website. The site includes several job listings published months ago but does not provide information related to the project's timeline or its funding sources and scope. However, given CZ's recent circumstances, this situation is not surprising, and more details about Giggle Academy may emerge in the coming months.

In addition to family and charity, CZ's third pursuit upon regaining his freedom may still focus on the cryptocurrency industry, which made him extremely wealthy and dominated much of the last decade.

However, CZ's continued activities in the cryptocurrency industry face a significant obstacle — under the terms of his criminal settlement, CZ has been forced to resign as CEO of Binance and must stay away from any "day-to-day" activities involving the company. Meanwhile, the settlement also requires Binance to accept two external monitors mandated by the U.S. government to ensure compliance.

Despite these apparent restrictions, the reality is that Binance no longer operates in the U.S. but focuses on Asian and offshore markets. Even though CZ is no longer CEO, he remains the largest shareholder, which will give him significant influence over Binance's future direction.

In response to requests for comments regarding CZ's release, a Binance spokesperson wrote, "We are pleased that CZ will be reunited with his family. While he will no longer manage or operate Binance, we are excited about what he will do next. Since last year, under the leadership of the current team, Binance has continued to thrive, with over 229 million global users."

Finally, it is worth noting that CZ is only 47 years old — the golden age for many executives' careers and the age at which many begin to serve as CEOs. All of this suggests that CZ is ready to embrace the second act of his life and will continue to exert influence in the cryptocurrency and business sectors in the coming years.