The moment had a historic touch to it.
Changpeng “CZ” Zhao, the founder of Binance, the world’s largest cryptocurrency exchange, was back in the public spotlight after four months in jail. And his first public appearance came on the 16th anniversary of Satoshi Nakamoto’s publication of the Bitcoin whitepaper. Effectively the birthday of the bitcoin revolution.
CZ might not be running Binance anymore, not officially anyway, but that didn’t stop the faithful from paying $600 a pop to throng Dubai’s Coca-Cola Arena for Binance Blockchain Week.
A standing ovation. A packed hall. Phone cameras out in full force – the crypto fraternity celebrated a hero it thinks might have saved the industry, at least from a major market collapse.
Yat Siu, the chairman of Web3 giant Animoca Brands, told MONIIFY that CZ’s freedom mirrored the crypto industry’s unshackling.
“CZ being a free man is very symbolic of the state of where crypto is going … It’s kind of like we’re free to go now.”
Binance ≠ FTX
Zhao returns to the scene on the eve of US elections expected to usher in a new era in which crypto will no longer be an investment relegated to outsiders and misfits. His comeback follows years of entanglement with US authorities. He flew to the US to face charges in November last year, pleading guilty to money-laundering violations, paid a $50 million fine and stepped down as CEO as part of his plea bargain. And while other crypto founders, like FTX’s Sam Bankman-Fried are serving 25 years in prison, he got a four-month sentence.
CZ’s leadership at Binance and efforts to integrate crypto into global markets have made him, perhaps, the key figure in the crypto industry. They’ve also made Binance THE go-to exchange even amid all the regulatory scrutiny.
So, any action against the exchange could have had an FTX collapse-like impact on the market and industry.
“After Satoshi, CZ is up there in terms of people who have contributed that much to crypto,” Talal Tabbaa, CEO of crypto exchange CoinMENA, told MONIIFY.
The elephant in the room
The question on everyone’s lips at the Coca-Cola arena is how much is he contributing now? CZ’s plea deal includes a condition prohibiting “him from any present or future involvement in operating or managing” Binance’s business.
His first public appearance after the jail term though? BINANCE Blockchain Week. It’s not great optics.
It seems like he’s ”ignoring the law,” said a Canadian trader at the event, declining to be named. 
Source: US DOJ
Almost all attendees MONIIFY spoke to were reluctant to talk about whether CZ would follow the law to the letter, or risk getting Binance in hot water again. It’s like it almost doesn‘t bear thinking about.
A senior Binance leader gave a quick nod to a CZ question before a team member swooped in, steering the convo away from any more talk about Zhao.
As soon as the topic arose, two Web3 execs clammed up. Several retailers, excited as they were about CZ’s comeback, also sought to stay off the record.
CZ’s team declined requests for an interview.
A silent-decision maker?
Whether CZ’s shadow continues to follow Binance or not, he told the audience he spends half his time on Giggle Academy, his digital education platform for people who lack access to traditional learning tools.
The other half? On his own investments in blockchain, AI and biotech.
And while he stressed that he wasn’t returning as CEO (the current Binance team is “doing a good job”), CZ remains a majority shareholder.
According to a report by Axios in September, Binance CEO Richard Teng said CZ can still monitor the company’s performance and, like any investor, propose changes, nominate new board members or even suggest a new CEO.
The retailers see CZ as a “silent decision-maker” with the potential to “pull the strings behind the scenes.” They point to his likely influence through his reported BNB token holdings on BNB Chain, which was originally initiated by Binance and has since become a separate entity.
For Animoca’s Siu, any sway CZ might still have would mirror that of industry figures like Ethereum’s Vitalik Buterin — respected but not directly running the show.
John Lilic, CEO of blockchain firm Telos, said that the Binance founder’s impact on the industry might actually not pack the same punch it once did.
He can share his personal opinion and that’s going to carry some weight, Lilic, a former contributor at Polygon blockchain and software firm Consensys, told MONIIFY.
“But CZ sharing his personal opinion is not the same as CZ sharing his opinion and being able to make decisions at Binance.”
