Zhao, 49, lives in a nine-bedroom villa in the United Arab Emirates capital with four bodyguards, a chef and a yacht. But he also likes to play the part of a “normal dude”, as he often describes himself, recently offering a reporter a personal tour of the city from the passenger seat of a Nissan SUV.
The lifestyle is a striking turn for a man who, in 2023, pleaded guilty to federal charges relating to violations of the American Bank Secrecy Act. After serving a four-month prison sentence, he returned to Abu Dhabi, still Binance’s majority shareholder and still the most powerful figure in the crypto industry.
Zhao’s most influential allies are a pair of powerful ruling families. One is the clan that runs the UAE, which wants his help creating a technology powerhouse in the desert. The other is the Trumps.
Last year, Binance forged a business relationship with World Liberty Financial, the crypto start-up founded by US President Donald Trump and his three sons. World Liberty generated $US799 million for Trump last year — his single most lucrative asset. Trump pardoned Zhao last October, a move widely criticised as a quid pro quo. Zhao was also previously pardoned on state charges in the US, and the federal pardon came after he had already served his sentence.
US authorities had once depicted Binance in court papers as a haven for Russian money launderers, Iranian sanctions evaders and Islamic State terrorists. Today, Zhao moves through the world advising governments on regulation, with his fortune intact and his influence undiminished.