On September 17, 2025, the cryptocurrency world received a significant piece of news: Binance founder Zhao Changpeng (CZ) updated his X account profile from "ex-@binance" to "@binance," which may hint at his imminent return to Binance. Previously, Bloomberg reported that Binance was negotiating with the U.S. Department of Justice to dissolve the independent compliance oversight agency it had stationed. Just in August, the Hong Kong financial sector was abuzz with the implementation of the "Stablecoin Regulation," with 77 institutions rushing to apply for licenses. As traditional financial giants and tech behemoths entered the fray, Zhao Changpeng made a surprise appearance in Hong Kong, engaging in two public dialogues that struck like a bomb, hitting the nerves of the entire crypto field. This former Chinese billionaire not only made a high-profile return but also boldly stated, "Hong Kong dollar stablecoins can help the renminbi run private jobs," revealing the immense potential of Hong Kong's key role in the Web3 financial landscape, as well as his profound insights and ambitions regarding the future financial map.
- Zhao Changpeng's "Return" to Hong Kong: The Gaze on the Public Stage is the True Declaration
Those who follow crypto never ignore Zhao Changpeng's words. As soon as he speaks, the industry scrutinizes his statements under a microscope.
Insights on U.S. Regulation: At the "Hong Kong Crypto Finance Forum 2025" on August 27, he not only pointed out the "huge loopholes" in decisions made by the previous U.S. government but also candidly stated, "I went to prison in the U.S. because of that set of decisions, so I have the confidence to say this." He then remarked that the current U.S. government "understands business and knows what USDT means for the dollar." He pointed out that over $100 billion of USDT (Tether) funds have flowed into the U.S. Treasury market, which is the invisible yet strong link between stablecoins and the dollar. Industry reports also indicate that nearly 99% of stablecoins globally are pegged to the dollar or dollar assets, with USDT and USDC almost splitting 90% of the total market value of $240 billion in stablecoins. This is the core of what Zhao Changpeng refers to as the "money-making logic"—tightly binding stablecoins to dollar assets.
Timing the Hong Kong Regulatory "Windfall": His high-profile return is not a coincidence but rather coincides with the "windfall" of Hong Kong's crypto regulatory policies. In May of this year, the Hong Kong Legislative Council passed the "Stablecoin Regulation," which officially took effect on August 1. This regulation is one of the few globally designed specifically for stablecoins: it not only clarifies compliance bottom lines but also explicitly grants stablecoins "legal status" for the first time. Once the policy was announced, the market exploded—within just a few days, 77 institutions submitted applications. Both the financial and tech sectors were busy: banks wanted to connect the old system with the crypto world, while tech companies aimed to leverage their technological advantages. Meanwhile, Zhao Changpeng, the former king of the crypto world, re-emerged, and his keen insights into the delicate balance between "regulation and market" undoubtedly showcased his confidence in returning.
The "New Player Landscape" in Hong Kong: Traditional financial players are not to be outdone: institutions like Bank of China (Hong Kong) and Standard Chartered want to use stablecoins as a bridge between traditional finance and digital finance; tech giants like Ant Group, JD.com, and Xiaomi are eyeing their advantages in payment, user base, and technology, hoping to quickly seize the high ground in emerging markets. With both policy and market pushing forward, Hong Kong's stablecoin sector has suddenly stepped into the spotlight. Zhao Changpeng's appearance at this moment suggests he is not just here to join the excitement. He seems to be saying: In this Hong Kong market, I not only want to get involved but also to become a game changer.
- History is Not Coincidental: From a Youngster in Lianyungang to a "Crypto Legend"
Zhao Changpeng's life experience is filled with legendary colors. Born in 1977 in Lianyungang, Jiangsu, he later immigrated to Canada with his family, supporting his life through part-time jobs while studying computer science at McGill University. After graduating, he laid the groundwork at the Tokyo Stock Exchange and Bloomberg, then returned to Shanghai to build high-frequency trading systems for financial brokers. Around 2013, he encountered Bitcoin and subsequently dove headfirst into the crypto world.
He founded Binance in 2017, and within less than a year, the trading speed reached one million transactions per second, with users exceeding six million, quickly becoming the world's largest cryptocurrency exchange. In 2018, he was dubbed the "Crypto Billionaire," and in 2021, his wealth peaked at $90 billion, making him the richest Chinese person. However, in 2022, the crypto market crashed, and his wealth plummeted; in 2023, he was sued by U.S. regulators, stepped down as CEO of Binance, pleaded guilty to pay hefty fines, and was sentenced to prison, hitting a low point in his life. It wasn't until 2024, after serving his sentence, that he returned to the public eye. Each turning point in his life seems to have been prophetic.
- The U.S. is "Understood," Hong Kong is "Utilized": His Words Write the Future's Bet
Recently, Zhao Changpeng not only mentioned in a public speech at the University of Hong Kong that stablecoins are a natural application of blockchain but also specifically stated, "USDT has helped the U.S. run over $100 billion in private jobs," and "Hong Kong dollar stablecoins can also help the renminbi run." The backdrop of this speech is not just about technology or finance but a chip in the game of monetary power. The underlying structure of USDT is not merely a financial tool; it expands the influence of the dollar globally. Now, he clearly feels that Hong Kong might be able to employ similar means to create a "digital channel" for the renminbi and even the Hong Kong dollar.
He also emphasized another easily overlooked but potentially huge area: RWA (Real World Asset Tokenization), especially those highly digitalized and liquid financial assets—stocks and bonds, which, if put on-chain, could allow global investors to trade 24/7. If the Hong Kong Stock Exchange can take the lead in promoting asset digitization, Hong Kong could become the RWA center in Asia, building a bridge between traditional finance and the crypto sector.
- Breakthroughs and Risks Coexist: The Future of Hong Kong Dollar / Offshore Renminbi Stablecoins is Uncertain
From an external perspective, Zhao Changpeng's recent move sends a very strong signal: on one hand, the regulatory gap is opening, and policies are leaning; on the other hand, his own posture of "legitimization" and moving towards mainstream societal recognition is compelling. Standing on the podium of the University of Hong Kong is not merely a simple comeback but seems like he is handing Hong Kong a "passport to the future financial world."
However, beneath the stage lights, risks are also lurking. The complexity of the stablecoin market, evolving regulations, and a landscape still in the process of being reshaped mean that anyone who rushes in could fall hard. Ordinary people considering entering the market must weigh their options carefully and not be blinded by the shiny prospects that conceal lurking risks. After all, this sector, which has made people rich overnight and caused crashes just as quickly, has never guaranteed absolute "sure profits."
Hong Kong dollar stablecoins, offshore renminbi stablecoins, RWA on-chain, AI + Web3 settlement economy… It sounds like a science fiction story, but now, it is the reality in Hong Kong's chess game. Zhao Changpeng is not only back; he is trying to redraw the rules—will everyone become a witness to this reshaping of the global financial landscape?
Conclusion:
After his release from prison, Zhao Changpeng updated his X account profile, hinting at a return to Binance, and made a high-profile appearance in Hong Kong. His words and actions undoubtedly dropped a bombshell in the global cryptocurrency market. He not only sees the immense potential of Hong Kong in the stablecoin and RWA fields but also attempts to connect it with the renminbi internationalization strategy, striving for a key position for Hong Kong in the Web3 financial landscape. This financial transformation led by Zhao Changpeng is filled with breakthroughs and risks, but regardless of the outcome, it will profoundly impact the future of digital finance in Hong Kong and globally.
Related Reading: Binance and the U.S. Department of Justice negotiate to terminate compliance oversight in a $4.3 billion settlement agreement.
Original text: “The Former Chinese Richest Man Returns to China After Prison, and CZ Hints at a Potential Comeback to Binance?”
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