Changpeng Zhao’s Influence on Binance Sparks Controversy Despite Official Ban

In Brief

CZ’s online activity fuels speculation as he continues discussing BNB Chain despite his official exit from Binance.
BNB Chain trading volume surged, surpassing Solana temporarily, before dropping back to third behind Ethereum and Solana.
Critics warn of speculative risks, accusing CZ of fueling hype-driven investments, while supporters see his role as pivotal to Binance’s growth.

Changpeng Zhao (CZ), the co-founder and former CEO of Binance, remains a dominant force in the crypto industry despite officially stepping down as part of his plea deal with the US Department of Justice (DOJ).

While he publicly committed to focusing on his educational initiative, Giggle Academy, much of his online presence still revolves around Binance’s BNB Chain. This has led to growing speculation about his continued influence on Binance’s direction and the crypto market at large.

CZ’s Official Exit and Post-Prison Plans

CZ was forced to step down from Binance in 2023. He agreed to a lifetime ban on managing the company as part of his settlement.

Following his release, CZ announced that he would focus on Giggle Academy, an educational project to provide free learning resources worldwide. The Binance executive had aggressively promoted the initiative before his arrest. One of Giggle Academy’s objectives is to teach kids how to avoid rug pulls.

“There are always more opportunities in the future than there were in the past…Giggle Academy has been going well, and will be a big part of my life for the next few years…I will also dedicate more time and funding to charity (and education). I have some rough ideas…Oh, Binance seems to be doing well without me back-seat driving, which is excellent. Every founder’s dream,” CZ shared on X post-release in September.

However, his social media activity tells a different story—one in which BNB Chain remains a primary focus of his discussions.

Despite his departure, CZ’s influence over BNB Chain is undeniable. His outspoken interest in BNB Chain has led to a significant surge in its trading volume, surpassing Solana.

On February 16, crypto educator Crypto with Khan noted that BNB Chain’s 24-hour trading volume had exceeded $3.73 billion, compared to Solana’s $2.66 billion. CZ referenced data from DeFiLlama, emphasizing that BSC (BNB Smart Chain) had outpaced Solana’s weekly volume.

DeFi Chains Volume and Revenue Comparisons. Source: DefiLlama

However, Solana has since reclaimed its position at the top, with the BNB chain coming third after Ethereum. The latest data on DefiLlama shows that Solana, Ethereum, and BNB recorded $2.94 billion, $2.24 billion, and $2.15 billion, respectively.

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Crypto Community Reacts to CZ’s Influence on BNB Chain

Meanwhile, CZ’s continued presence in crypto has sparked both admiration and skepticism. Supporters see him as a visionary leader, suggesting that Changpeng Zhao’s involvement has been instrumental in its growth.

“What is happening with BNB Chain right now is a testament to the fact that a true dragon cannot be caged! CZ was jailed for four months and forced to step down from Binance against reason. He came back, took a short break, and chose to focus on BNB Chain. BNB Chain is already making waves under his direction, and it doesn’t take a prophet to see that things are only going to get more exciting from here,” wrote Da Viking, a core advisor at Floki.

However, others argue that his influence is reckless. DeFi researcher Leviathan accused CZ of driving speculative frenzies.

“Congrats CZ, you drove hundreds of millions of volumes on BNB as thousands created fake meme coins rinsing and rugging for millions,” Leviathan expressed.

This criticism aligns with concerns that his comments trigger waves of short-lived, hype-driven investments that lack long-term utility.

CZ acknowledged the over-interpretation of his posts, lamenting that any random mention of anything has a few extra meanings attached to it. This statement followed backlash over the explosive rise of meme coins and AI projects following his tweets.

Amidst the controversy, it is impossible to ignore Binance Labs’ recent rebranding to YZi Labs. CZ described the rebranding as an expansion of vision. However, speculation is that the move allows CZ to rejoin without violating his ban from Binance’s management.

While the official narrative positions YZi Labs as independent, many believe it is a backdoor for CZ’s continued influence in crypto.