This week, Changpeng “CZ” Zhao, the founder of Binance, announced that the company might permit outside investment “over time” in the world’s largest crypto exchange by trading volume.

"Top investors have always been interested in Binance," Zhao said on social media. "Over time, we may allow some investments in the single-digit percentage range."

Although Zhao insists the company is “not for sale,” the crypto community lauded the move. ”It's a positive step," Fred Schebesta, founder of the fintech firm Finder, told TheStreet Crypto.

"He's liquidating some of his equity, effectively recognizing the value he's built," Schebesta added. "This move broadens the ownership base and enhances the governance process of the company, which will contribute to the exchange's strength and stability in the future."

Despite being the world's largest crypto exchange, Binance remains a private company with a highly opaque ownership structure that is largely believed to be held by Zhao.

Zhao recently served a four-month prison sentence as part of a $4.3 billion settlement with the U.S. government, after he admitted to violating U.S. anti-money laundering laws and the Bank Secrecy Act. He was also required to relinquish his role as CEO and pay a fine of $150 million .

However, Zhao maintains a personal worth of $70 billion , making him one of the wealthiest men in the crypto industry. Recently, he also transformed YZi Labs, the former venture arm of Binance, into a personal investment office injecting money into AI (artificial intelligence), Web3, and biotech projects.

Last year, ahead of Zhao’s release from a federal prison, Binance CEO Richard Teng told TheStreet Crypto that Zhao was still “a major shareholder” in the company.

It's not clear if Zhao intends to loosen his control over the crypto firm: “I’m not saying that I’m going to hold onto the equity forever or not,” Zhao told Bloomberg last year. “I’m happy to review every offer, but so far I haven’t done anything. I’m just a regular shareholder at this point.”