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image source: getty images

on friday, changpeng zhao will take to the streets of long beach, california, as a free man. he was free for the first time in months. changpeng zhao has been in federal custody since april. he is better known as "cz". he previously agreed to return to the united states from dubai to serve a five-month sentence for failing to implement adequate anti-money laundering controls at binance, the large cryptocurrency trading platform he founded. during this time, zhao served about two months in a minimum-security prison in the california desert before being transferred to a halfway house in long beach. there, he could go out under supervision and even go to the movies, according to a prison official.

now, changpeng zhao will have more options, returning to society with a personal fortune of about $60 billion (the 25th richest person in the world) and his legal troubles behind him. changpeng zhao did not immediately respond to a direct inquiry about his future plans, and his lawyer told fortune that he did not wish to be interviewed on the day he was released from prison. still, it's possible to speculate on his next move based on what's known.

on friday, he will be released two days before his official release date (inmates are released early if their release day falls on a weekend). he will likely be chauffeured to a private airport in long beach or los angeles. his first stop is likely to be dubai or paris, where his children live with their mother, changpeng zhao’s ex-partner he yi, who is also a binance executive.

in a 2023 interview with fortune, changpeng zhao recalled his late father, who was talented but cold, and expressed concern that he might have inherited some character flaws that neglected his family. perhaps after being released from prison, zhao changpeng will decide to spend more time with his family, including his sister, son and mother, to make up for lost time. the men all testified about his character at his sentencing hearing this spring and have supported him throughout.

the family's support helped convince the sentencing judge to accept a relatively lenient five-month sentence. the judge also noted zhao's "outstanding commitment and dedication to global philanthropy."

it remains to be seen to what extent changpeng zhao will translate these charitable commitments into practical actions. before prison, he launched a project called giggle academy, which promised to provide free, fun and accessible learning tools to children around the world.

"in the next chapter of my life, i want to provide opportunities for others, especially young people. i am building a platform that aims to provide high-quality, free education to poor children around the world," changpeng zhao said at the sentencing hearing said.

at the moment, giggle academy appears to be just a website. there are several job postings on the website that have been posted for several months, but there is no mention of project timelines or funding sources and scale. however, given changpeng zhao's recent situation, this may not be a surprise, and more details about giggle academy may be revealed in the coming months.

in addition to family and philanthropy, the now-free zhao changpeng may also turn his attention to a third area: the cryptocurrency industry, which has brought him huge wealth and allowed him to dominate for nearly a decade. occupies a dominant position.

however, when it comes to cryptocurrency, changpeng zhao faces a major obstacle: under the terms of the criminal settlement agreement, he must step down as binance ceo and be prohibited from participating in the company's "day-to-day operations." at the same time, the settlement also requires binance to accept two external monitors appointed by the u.s. government to ensure compliance.

despite these obvious limitations, the reality is that binance has ceased operations in the united states and shifted its focus to asia and offshore markets. even though changpeng zhao no longer serves as ceo, he is still the company's largest shareholder, which gives him considerable influence on the company's future direction.

in response to a request for comment on changpeng zhao’s release, a binance spokesperson said: “we are pleased that cz is reunited with his family. although he is no longer responsible for managing or operating binance, we very much look forward to seeing what he does next. action. since last year, binance has continued to thrive under the leadership of the existing team, reaching over 229 million users worldwide.”

finally, it is worth mentioning that changpeng zhao is only 47 years old this year. this is the golden period of many executives' careers, and it is at this age that many people become ceos for the first time. all this shows that changpeng zhao is likely to usher in a second glory, and his influence will continue to exist in the cryptocurrency and business fields for many years. (fortune chinese)

author: jeff john roberts

translation: liu jinlong

reviewer: wang hao