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What's Next for Ex-Binance CEO CZ? Passive Investing, DeFi

CZ said that he wants to spend more time investing in startups in the DeFi space after taking a break from working for a while.

Updated Mar 8, 2024, 5:28 p.m. Published Nov 21, 2023, 9:18 p.m.

Binance's CZ (Twitter/Modified by CoinDesk)

The ex-CEO of the world's largest crypto exchange is already planning his next steps in crypto after pleading guilty to U.S. criminal charges and stepping away from one of the most influential roles in crypto: running Binance.

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Changpeng "CZ" Zhao said in a post on social media platform X (formerly Twitter) that he won't be leaving the space entirely. "My current thinking is I will probably do some passive investing, being a minority token/shareholder in startups in areas of blockchain/Web3/DeFi, AI and biotech."

"I am happy that I will finally have more time to spend looking at DeFi," he added.

Today, I stepped down as CEO of Binance. Admittedly, it was not easy to let go emotionally. But I know it is the right thing to do. I made mistakes, and I must take responsibility. This is best for our community, for Binance, and for myself.

Binance is no longer a baby. It is…
— CZ 🔶 BNB (@cz_binance) November 21, 2023

He also said that he likely won't be a CEO of another startup again, but will be open to being a coach or mentor to a small number of upcoming entrepreneurs, privately. CZ noted that he will remain a shareholder of Binance and be available in a consulting role if needed.

CZ, who founded the exchange in 2017, is succeeded by Richard Teng, who previously oversaw the exchange's regional business outside the U.S.

Binance CZ DeFi

Helene Braun

Helene is a New York-based markets reporter at CoinDesk, covering the latest news from Wall Street, the rise of the spot bitcoin exchange-traded funds and updates on crypto markets. She is a graduate of New York University's business and economic reporting program and has appeared on CBS News, YahooFinance and Nasdaq TradeTalks. She holds BTC and ETH.