Translation

Original Source: Fortune

Translation by: Odaily Planet Daily

Translator: Azuma (@azuma)

This Friday local time, CZ will set foot on the streets of Long Beach, California as a free man for the first time in months.

Since agreeing to return to the United States from Dubai in April, CZ has been under federal detention for Binance, the cryptocurrency exchange he founded, failing to implement adequate anti-money laundering controls, resulting in a five-month sentence. During this time, CZ spent about two months in a minimum-security prison in the California desert, then was transferred to a halfway house in Long Beach, where a prison official revealed that CZ could go out under supervision and even watch movies.

Now, with CZ rejoining society, he will have more choices, with a personal fortune of up to $600 billion (ranked 25th in the world), and his legal troubles are a thing of the past. CZ did not immediately respond to questions about his next plans, his lawyer told Fortune that he did not want to be interviewed on the day of his release.

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

This Friday, CZ will be released early, two days before the official release date—if the release date happens to fall on a weekend, the prisoner will be released early. He may first get into a car with a driver and then be taken to Long Beach or Los Angeles by a private plane.

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

In an interview with Fortune magazine in 2023, CZ reflected on his clever but indifferent late father and expressed concerns about inheriting some of his father's traits. CZ may decide to make up for lost time with his family after his release, including his sister, son, and mother.

His family stood firmly by CZ in the sentencing earlier this spring and vouched for his character, which helped persuade the judge to accept a five-month sentence that some believed might be lenient.

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

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

Currently, Giggle Academy seems to be more than just a website. The website includes several job listings posted a few months ago, but no information related to the project's timeline, funding sources, and scope. However, given CZ's recent situation, this situation is not surprising, and more details about Giggle Academy may emerge in the coming months.

In addition to family and charitable work, CZ's third pursuit as a free man may still focus on the cryptocurrency industry, which has made him extremely wealthy and dominant in the industry for most of the past decade.

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

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

In response to requests for comments on CZ's release, a Binance spokesperson wrote, "We are pleased that CZ will be returning home to reunite with his family. While he will no longer continue to 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—this is the golden age for many executive careers and the age at which many people are just beginning to serve as CEOs. All of this indicates that CZ is ready for the second act of his life, and in the coming years, he will continue to exert influence in the cryptocurrency and business fields.

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