Binance founder plans comeback even as he faces jail time

Since pleading guilty to violating money laundering rules, Changpeng Zhao, who led crypto exchange giant Binance, has established a network across the United States to create his next network. act.
He enjoyed a home-cooked dinner in Montana with a former U.S. senator. He visited Telluride, Colorado, and Moab, Utah, a vacation spot known for its national parks. And he discussed start-ups with Sam Altman, OpenAI's chief executive.
After pleading guilty to money laundering violations in November, Changpeng Zhao , the founder of the Binance cryptocurrency exchange, has not stood still. A federal judge rejected his request to return to Dubai, but Mr. Zhao, 47, was free to travel around the United States. So he spent the last five months traveling the country, networking with other entrepreneurs and laying the groundwork for his next act.
When he pleading guilty, Mr. Zhao, once the most powerful figure in the global crypto industry, resigned as Binance chief executive and agreed to pay a $50 million fine. On Tuesday, a federal judge in Seattle sentenced him to four months in prison; prosecutors had requested a three-year prison sentence, while defense lawyers had asked for probation and no time behind bars.
But Mr. Zhao, which bears the initials CZ, is already looking towards the future. He has a fortune of $33 billion, according to Forbes, and he announced last month that he was launching a new web platform to promote online education.
Mr. Zhao also expressed interest in investing in artificial intelligence and biotechnology, and corresponded with other executives. Late last year, he and Mr. Altman exchanged text messages, two people familiar with the matter said, and discussed the challenges of expanding a startup globally.
Numerous powerful crypto executives have faced federal prosecutions and criminal charges since the multibillion-dollar industry imploded in 2022 . Some went to prison, while others enjoyed the high life before being arrested. Mr. Zhao's fate will likely be more lenient than that of most others.
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Technology May 1, 2024 0 14 Add to Reading List

Binance founder plans comeback even as he faces jail time

Since pleading guilty to violating money laundering rules, Changpeng Zhao, who led crypto exchange giant Binance, has established a network across the United States to create his next network. act.

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

After pleading guilty to money laundering violations in November, Changpeng Zhao , the founder of the Binance cryptocurrency exchange, has not stood still. A federal judge rejected his request to return to Dubai, but Mr. Zhao, 47, was free to travel around the United States. So he spent the last five months traveling the country, networking with other entrepreneurs and laying the groundwork for his next act.

When he pleading guilty, Mr. Zhao, once the most powerful figure in the global crypto industry, resigned as Binance chief executive and agreed to pay a $50 million fine. On Tuesday, a federal judge in Seattle sentenced him to four months in prison; prosecutors had requested a three-year prison sentence, while defense lawyers had asked for probation and no time behind bars.

But Mr. Zhao, which bears the initials CZ, is already looking towards the future. He has a fortune of $33 billion, according to Forbes, and he announced last month that he was launching a new web platform to promote online education.

Mr. Zhao also expressed interest in investing in artificial intelligence and biotechnology, and corresponded with other executives. Late last year, he and Mr. Altman exchanged text messages, two people familiar with the matter said, and discussed the challenges of expanding a startup globally.

Numerous powerful crypto executives have faced federal prosecutions and criminal charges since the multibillion-dollar industry imploded in 2022 . Some went to prison, while others enjoyed the high life before being arrested. Mr. Zhao's fate will likely be more lenient than that of most others.

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