Binance Founder Zhao Returns to Abu Dhabi After 4-Month Prison Term and Trump Pardon
Updated
Updated · The New York Times · Oct 1
Binance Founder Zhao Returns to Abu Dhabi After 4-Month Prison Term and Trump Pardon
2 articles · Updated · The New York Times · Oct 1
Summary
$114 billion crypto billionaire Changpeng Zhao is back in Abu Dhabi after serving a four-month U.S. prison sentence, still holding a majority stake in Binance and remaining one of crypto’s most influential figures.
Zhao had pleaded guilty to violating a U.S. anti-money-laundering law in a case that portrayed Binance as a channel for Russian money launderers, Iranian sanctions evaders and Islamic State financiers.
Abu Dhabi has become his base for what the report describes as jurisdictional arbitrage, with Zhao flying across Asia to advise governments on crypto rules and often seeing Binance win regulatory breakthroughs afterward.
Trump pardoned Zhao last October after Binance formed a business relationship with World Liberty Financial, the Trump family’s crypto venture that generated $799 million for the president last year, prompting quid-pro-quo criticism.
The profile depicts Zhao as restored to elite status through ties to the UAE’s ruling family and the Trumps, even as Binance still has not fully stopped illicit-money flows.