Binance is still doing very well, even though its founder, Changpeng Zhao, is facing many legal problems. This is an important advance on its rough road.
Bloomberg says that Binance made about $9.8 billion in March alone, even though Zhao continues to be sued, and no one knows what will happen to him next.
Investors don’t seem to care about the legal problems; many say it hasn’t affected their trade much. Some even find comfort in a recent deal’s stability while regulators look closely. However, if a judge in Seattle does decide to jail Zhao as prosecutors want, he will go down in history as the richest person to ever spend time in a U.S. federal prison. This is because Zhao owns a $43 billion stake in Binance.
Binance: Zhao’s Enduring Influence
Zhao gave up his CEO title in November 2023 as part of a deal with the government, but his impact on Binance is still clear, especially as the company’s profits soar during the current cryptocurrency boom. Notably, how people feel about Binance and Zhao is very different from how people feel about its former rival, FTX, which went bankrupt after its founder, Sam Bankman-Fried, was accused of theft.
Zhao hasn’t been in the news much lately, which is different from how he used to act, which was fairly reserved. After pleading guilty, the public didn’t see Zhao as much, but Bankman-Fried was seen more often. Zhao quit as CEO of Binance after being sued for several years. He said that U.S. regulators were right when they said he helped clients from countries that weren’t allowed to do business with the U.S.
Zhao will soon be given his sentence. The US Department of Justice wants him to go to jail for 36 months. On April 30, a judge will decide what to do with him in Seattle. Even though Binance’s founder could go to jail, the company keeps going, navigating the rough waters of rules and legal disputes with him in the background.
