Despite pleading guilty to money laundering charges, Changpeng Zhao, the founder of the cryptocurrency exchange Binance, has not remained idle. Instead, he has spent the past five months traveling the United States, networking with entrepreneurs, and planning for his future endeavors. His guilty plea led to his resignation as Binance’s chief executive and a $50 million fine, with a possible three-year prison sentence on the horizon, but Mr. Zhao is already focused on what comes next. With a fortune of $33 billion, he is looking to invest in areas such as artificial intelligence, biotechnology, and online education.
Since the collapse of the global cryptocurrency industry in 2022, many prominent figures, including Sam Bankman-Fried of FTX, have faced legal challenges and criminal charges. However, Mr. Zhao’s fate appears to be more forgiving than most. Despite his guilty plea and the pending sentencing, he continues to receive support from the crypto industry. Dozens of current and former Binance employees have requested a lenient sentence for him, and many others have expressed their backing for Mr. Zhao in court records. This support may stem from the belief that a short prison term is a small price to pay for maintaining billionaire status in the long run.
In recent years, Binance, under Mr. Zhao’s leadership, faced scrutiny for allowing criminal activity to thrive on its platform and violating U.S. laws, resulting in a $4.3 billion settlement with the government. Prosecutors have characterized Mr. Zhao’s actions as unprecedented in scale and have called for a sentence that reflects the gravity of his crimes. However, Mr. Zhao’s focus has already shifted to future investments and projects. He has been traveling across the U.S., discussing potential opportunities in artificial intelligence, biotechnology, and online education with various entrepreneurs and executives.
Mr. Zhao has shown an interest in investing in large data centers that power AI applications and funding biotech startups focused on disease prevention. His latest venture, Giggle Academy, is a free online learning platform for children, incorporating AI, automation, and NFTs. Despite facing legal challenges, Mr. Zhao remains determined to leverage blockchain technologies to provide medical access to billions worldwide and support research labs in curing diseases. His commitment to these causes, along with his interest in mentoring upcoming entrepreneurs, reflects his vision for the next chapter of his life beyond Binance.
Mr. Zhao’s travels have included meetings with influential figures such as former U.S. Senator Max Baucus and discussions with his son about his guilt and the importance of acknowledging mistakes. These interactions shed light on Mr. Zhao’s character and his willingness to engage with others on various topics, from crypto insights to being a good CEO. As he awaits sentencing, Mr. Zhao appears focused on building a new legacy beyond his previous role in the cryptocurrency industry, with a strong emphasis on investing in technologies that could have a significant impact on society.
