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Binance founder Changpeng Zhao (CZ) shared his experiences after serving a four-month prison sentence in the US. Speaking on Anthony Pompliano's podcast, CZ revealed surprising details about prison life.
CZ revealed that his first cellmate was a double-murder suspect who had served 18 years in prison and was transferred to a low-security facility for good behavior. Despite this shocking past, CZ described his cellmate as “pretty calm.”
The Binance founder was indicted for failing to implement effective anti-money laundering compliance, leading to a fine of over $4.3 billion. CZ was sentenced to four months in prison for violating the US Banking Secrecy Act (BSA).
In the podcast, CZ discussed his personal journey, the rise of Binance, and his views on the future of cryptocurrencies. He explained that he spent his childhood in a village in rural China without running water or electricity, moved to Canada with his family at age 12, and began his career in financial technology in Tokyo, New York, and Shanghai. He also noted that his early belief in Bitcoin led him to quit his job and sell his house in 2014.
CZ also touched on Binance's founding story, explaining that he initially wanted to build a payment system, but founded Binance in 2017 after the Chinese government blocked many of his customers. He explained how Binance became the world's number one exchange in five months and how they gained user trust by transparently addressing the challenges faced during high-volume periods and the 2019 hack.
CZ expressed optimism about the future of cryptocurrencies, saying he expects greater institutional adoption, the intersection of AI and blockchain, and governments to adopt blockchain for a variety of solutions beyond finance.
*This is not investment advice.