Since pleading guilty to violating money-laundering rules, Changpeng Zhao, who ran the giant crypto exchange Binance, has networked across the United

Even as He Faces Prison Time, Binance’s Founder Plans a Comeback

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2024-04-30 13:30:06

Since pleading guilty to violating money-laundering rules, Changpeng Zhao, who ran the giant crypto exchange Binance, has networked across the United States to set up his next act.

He enjoyed a home-cooked dinner in Montana with a former U.S. senator. He visited Telluride, Colo., and Moab, Utah, a vacation spot known for its national parks. And he chatted about start-ups with Sam Altman, the chief executive of OpenAI.

After pleading guilty to a money-laundering violation in November, Changpeng Zhao, the founder of the cryptocurrency exchange Binance, did not sit still. A federal judge denied his request to return home to Dubai, but Mr. Zhao, 47, was free to roam the United States. So he spent the past five months traveling the country, networking with other entrepreneurs and laying the groundwork for his next act.

When he pleaded guilty, Mr. Zhao, once the most powerful figure in the global crypto industry, resigned as Binance’s chief executive and agreed to pay a $50 million fine. On Tuesday, he is scheduled to be sentenced in federal court in Seattle, with prosecutors seeking a three-year prison term, while defense lawyers have asked for probation and no time behind bars.