How did Binance CEO Changpeng Zhao, who fled Shanghai, get pardoned by Trump? A decade of memories from a cryptocurrency veteran and the industry’s mysteries

First encounter: the fireworks of Xi’erqi and the “grassroots era” of the kriptocurrency circle

The “threesome” in the Beijing Yiquanhui office

In 2010, I was working as a senior product operator for Shanda Online, the open platform of Chen Tianqiao’s company. At the time, Shanda Group had invested in hundreds of companies, including Moji Weather, co-founded by Zhao Dong ( [Biographies] Zhao Dong: Passive Lockup Behind Bars ), and Docin, where Xu Mingxing served as CTO. My job was to integrate all Shanda-invested products into our open platform. It was around that time, before I even knew about Bitcoin, that I met Xu Mingxing and was responsible for facilitating Docin’s integration with the Shanda open platform. On November 22, 2013, I bought my first Bitcoin and posted it on WeChat Moments (you can add him as jaymeta). Hundreds of people liked and commented on it.

In 2013, Zhao Changpeng met a venture capitalist through Texas Hold’em, which opened his eyes to the world of cryptocurrency. As a relatively early believer in cryptocurrencies, his keen eye for the future seemed to glimpse the potential of virtual currencies to rapidly move money. He then joined the digital wallet provider blockchain.info, embarking on a journey into the world of cryptocurrency.

In Beijing in 2014, blockchain was still a term that required half an hour to explain. The doorplate of the Yiquanhui office building in Xi’erqi, Beijing, read “OKCoin”, which was the product of Beijing Lekuda Network Technology Co., Ltd. at the time. It then evolved into OKEX after 1994 in 2017, and now OKX.

That day, Xu Mingxing hosted a dinner, claiming it was a “welcome party for the technical team.” Pushing open the glass door, he revealed a 20-square-meter office packed with more than a dozen workstations, the clatter of keyboards echoing. Xu, dressed in a plaid shirt, approached and pointed to a man in a corner wearing black-framed glasses and a windbreaker. “This is Changpeng Zhao,” he said, “our new technical director. He’s from Canada and knows blockchain.”

He then pointed to the lady in a red dress next to him: “He Yi, who is in charge of the market, was previously a host of Travel Channel.” Zhao Changpeng said little, holding a thermos cup in his hand, but suddenly opened up when talking about the matching logic of the Bitcoin trading system.

Zhao Changpeng had just resigned from Blockchain.info, giving up his high salary in Silicon Valley to come to Beijing for a monthly salary of tens of thousands of yuan; He Yi had just resigned from CCTV, giving up his stable position and diving into the “virtual currency” field that no one was optimistic about; Xu Mingxing even bet his entire fortune on Bitcoin trading, and his quilt was still piled on the cot in the office.

He said OKCoin’s system throughput was insufficient at the time, and they were working on optimizing the code. “Once we get this right, our user base could triple.” He Yi, meanwhile, joked about turning “What is Bitcoin” into a short educational video “so even the elderly can understand it.” Lunch that day was donkey meat hot pot served downstairs, and Xu Mingxing rushed to pay, saying, “The company has just turned a profit, so we need to be frugal.”

Later I learned that the cryptocurrency world in 2014 was just that “rough and tidy.” People gathered together simply because they thought this thing had a future.

The “Establishment of Jianghu” in a Small Salon

From 2013 to 2016, cryptocurrency events were mostly small salons with around ten people, held either in incubators’ free conference rooms or in the corners of Garage Coffee. I went there a few times with Xu Mingxing, and almost always I saw future “bigwigs” like Zhao Changpeng, He Yi, Li Lin, Du Jun, and Bao Erye.

The most memorable event was a salon in the winter of 2014, held on Zhongguancun’s Startup Street. The theme was “Bitcoin’s Development Trends.” Li Lin, accompanied by Huobi’s technical backbone, arrived, clutching a sample mining chip and carrying a backpack, handing out business cards. He Yi was the most active, jokingly saying, “Although there aren’t many people here now, when the cryptocurrency market becomes popular, we’ll hold a 10,000-person conference.” Back then, Zhao Changpeng hadn’t yet acquired the aura of a “tycoon,” but rather resembled an engineer obsessed with technology.

After a salon, he shared his thoughts on the industry, saying, “The biggest challenges right now are compliance and technology. Only when these two are addressed can blockchain truly take off.” Little did anyone know that ten years later, it would be compliance that would land him in jail, only to be freed through a political maneuver.

My WeChat chat logs from those years still contain his occasional sharing: the forwarded “Chinese version of the Ethereum White Paper” in 2015, the reminder in 2016 to “be aware of security vulnerabilities in exchanges,” and in early 2017, his “preparing to start something on my own, let’s talk in Shanghai sometime.” Looking back now, I realize the seeds of fate were already planted.

Rise: Shanghai SOHO’s “Binance Speed” and the Eve of Its Overseas Expansion

I recommend candidates to Zhao Changpeng, the startup Binance in SOHO Fuxing Plaza.

2017 was a breakout year for the cryptocurrency world and a turning point in #ChangpengZhao ‘s life. That year, he resigned from OKCoin to found #Binance , building his initial team at Shanghai’s SOHO Fuxing Plaza and then, after the turmoil of the 1994 protests, hastily leading the team overseas. I was fortunate to witness this “lightning rise and migration” of Binance. The details of those offices hold the key to Binance’s subsequent destiny.

On August 2nd, the price of Binance Coin (BNB) was 0.8 yuan per coin. At noon, I arranged to meet Changpeng Zhao for our first meeting. I wanted to visit his then-new Binance office. Located in Shanghai’s Fuxing Plaza, just above Xiaohongshu, the office was small, with dozens of people crammed into workstations. Changpeng Zhao’s desk was in the corner, next to several cases of mineral water. He Yi, who hadn’t joined Binance at the time, told me, “I’ve been busy with Binance’s globalization efforts lately, and a lot of people have been reaching out to me through events.” At the time, Binance had just launched, and offline events had become their primary way to quickly connect with resources. He also asked if I was interested in joining Binance. As a four-year enthusiast who had been in the cryptocurrency community since 2013, I was definitely interested. However, our P2P platform was in the midst of its three-year anniversary promotion. I told Changpeng that I’d help him out once I was done with my work, but in the meantime, if you had any questions, I was always available.

Because I started blogging in college, I met many internet executives, and many people also wanted to find jobs at internet companies through me. I joined Alibaba Group right after graduating from college and recommended over 100 people internally. I also helped recommend many people to many of the earliest companies in the cryptocurrency industry. As a result, my resume database, which I built up, reached around a million people. I later worked as an assistant to the CEO at Kanzhun.com and BOSS Zhipin, overseeing product operations, marketing, strategy, and other aspects of the company. I also continued to deepen my expertise in internet human resources recruitment. On August 24, 2017, I recommended the first of my friend’s resumes to Changpeng Zhao. At the time, Binance only had three product managers.

I recommended Binance to a friend. He thought the company’s business was good, but the risks were high. I also encouraged the candidate to be more proactive because there are not many reliable startups like this. Because Zhao Changpeng first invited me to dinner, I was very busy with company work at the time, so I agreed to go after I finished my work, so I recommended other friends to help out.

In 2017, I was generally perceived as a reliable part-time headhunter, after all, providing a wealth of talent to major internet companies. That day, Changpeng chatted with me for two hours, his eyes gleaming with excitement. He explained that Binance was aiming to be the “world’s fastest exchange,” already supporting over ten cryptocurrencies, and that its transaction fees would be half that of Huobi and OKEx after launch.

“Now, people come to discuss partnerships every day, and there are people sleeping on the sofas in the office all day long,” he said, pointing to a pile of sleeping bags in the corner. I noticed a notebook on his desk, densely packed with compliance issues: “How to deal with regulations in different countries?” “How to build an anti-money laundering system?” Looking back now, these problems seemed to be masked by the “speed of expansion” at the time, but they became hidden dangers later.

Before leaving, he said: “Shanghai is a treasure land with many talented people. We especially need talents like you. You are welcome to recommend more talents to join Binance, and you are also welcome to join Binance as soon as possible. We are particularly in need of operational talents like you!” At that time, we had just finished the 3rd anniversary event of our P2P company, and we didn’t expect that “94” would come!

Wanxiang Conference and its decision to go global in the “94” storm

On September 4, 2017, the People’s Bank of China and seven other ministries and commissions issued the “Notice on Preventing Risks in Token Issuance and Financing,” completely halting ICOs and virtual currency trading. The cryptocurrency world instantly fell into panic. My WeChat Moments were filled with reports of “exchanges closing” and “cryptocurrency prices collapsing.” I quickly sent a WeChat message to Zhao Changpeng, who replied, “Don’t panic. Wait for my news. See you at the Wanxiang Conference in October.”

After the 2017 Shanghai Wanxiang Blockchain Conference, which took place in 1994, it became a safe haven for the industry. I entered with my media ticket and ran into Changpeng Zhao and He Yi at the entrance. He was wearing a black coat and looked much more serious than before. He said, “We’re looking for an overseas office, and Japan has more friendly policies.”

At the conference that day, Ethereum founder Vitalik Buterin personally spoke about the importance of blockchain compliance. I asked some exchange founders about their plans to “defund domestic users and expand overseas.” Zhao Changpeng revealed that the Binance team will fly to Japan next week and rent an office there for the time being. He Yi added, “A few people will be left in the Shanghai office to finish up, and some equipment will have to be sold at a low price, which is a shame.”

In October, Changpeng Zhao, He Yi, and their team quickly arrived in Tokyo, Japan. Standing in front of their new office window, they captioned, “Starting over again.” Looking at that photo, I remembered the folding bed in SOHO Fuxing Plaza, and suddenly had a premonition: This team, having left Shanghai, will shake up the global crypto market, but they may also face even greater challenges.

No one could have predicted that this “going global” move was just the beginning of Zhao Changpeng’s global migration. From Japan to Malta to Dubai, Binance’s headquarters changed one after another, but it was never able to completely resolve the “compliance” sword hanging over its head.

Fall: 4.3 billion in fines and 4 months in prison

Regulatory Storm: 18 Months from Indictment to Guilty Plea

Changpeng Zhao’s legal woes began in March 2023, when the U.S. Commodity Futures Trading Commission (CFTC) sued Binance and Zhao, accusing them of operating an unregistered exchange and violating trading rules. Then, in June, the Securities and Menukarkan Commission (SEC) filed 13 charges, including providing false trading supervisory statements and selling securities without registration.

When the news broke, I was attending an event in Hong Kong, where everyone in the cryptocurrency community was discussing whether Binance would collapse. A lawyer friend familiar with US regulation told me, “This time, they’re serious. The US Department of Justice has long been targeting Binance for anti-money laundering issues.” Sure enough, in November 2023, Zhao Changpeng pleaded guilty in a Seattle court to “failure to maintain an effective anti-money laundering program” and resigned as CEO of Binance. Binance, in turn, admitted to “engaging in money laundering, unlicensed money transmission, and sanctions violations” and agreed to pay a massive $4.32 billion fine—$2.51 billion in forfeiture and $1.81 billion in criminal penalties.

The $4.3 billion fine set a record for the crypto industry. I recall Xu Mingxing’s words “spend sparingly” in the Xi’erqi office in 2014. Looking back at the current fine, I can’t help but reflect on the industry’s transformation. A veteran OG commented in a WeChat group, “Back then, Binance relied on low fees to capture market share, but its anti-money laundering systems couldn’t keep up. Now, they’re paying the price for their rapid expansion.”

After pleading guilty, Zhao Changpeng wrote an apology, saying he “should have focused on compliance issues from the beginning and was willing to take full responsibility.” But it was too late to regret. On April 30, 2024, a federal court in Seattle sentenced him to four months in prison. While far less than the three years requested by prosecutors, he still became “the only crypto founder in U.S. history to be imprisoned solely for Bank Secrecy Act charges.”

Years in prison and Dubai’s timely assistance

From April to September 2024, Zhao Changpeng served his sentence in Lompoc State Prison in California. During that time, the discussion in the cryptocurrency community shifted from “Will he receive a heavy sentence?” to “Can Binance survive?” Just when everyone thought Binance was doomed, in March 2025, news shocked the industry: MGX, a UAE-based artificial intelligence investment company, invested $2 billion in Binance. This was not only Binance’s first institutional investment, but also the largest single investment in the history of the crypto industry.

MGX is no ordinary investment institution. Backed by the Abu Dhabi sovereign wealth fund, it serves as the UAE’s core platform for AI and blockchain development. This investment, paid in stablecoins, gives MGX a minority stake in Binance, leading to market speculation that Binance’s valuation is between $20 billion and $40 billion. While this is significantly lower than the $200 billion rumored in 2021, it’s enough to help Binance weather the storm.

A source close to Binance revealed that the investment was personally negotiated by Zhao Changpeng after his release from prison. On September 27, 2024, Zhao Changpeng was released early because his release date fell on a weekend. His first stop after his release was Dubai, where he met with the head of MGX. Dubai’s willingness to lend timely assistance stems from its recognition of blockchain’s potential and its desire to create a “global crypto hub.” Furthermore, Binance’s user base and technical capabilities remain, and a $2 billion investment would help Dubai quickly seize market leadership.

After Zhao Changpeng was released from prison, everyone knew that as long as his “criminal record” remained in the United States, he would not be able to truly return, and Binance would have difficulty returning to the US market. At this time, another key figure—Trump—entered the cryptocurrency world’s field of vision.

Reversal: Trump’s pardon and the interests behind it

Behind the pardon: Trump’s “crypto card”

On October 23, 2025, I was at the main forum of the Shanghai Wanxiang Blockchain Conference when Trump announced his “pardon of Changpeng Zhao” before the media. The veterans around me were instantly in an uproar. Some pulled out their phones to check the news, while others exclaimed, “This plot is more exciting than a movie.” The seemingly sudden pardon was actually a complex game of political calculations, commercial interests, and industry competition.

Trump’s pardon of Changpeng Zhao was primarily intended to solidify his image as a “friend of cryptocurrency.” Since taking office, he has been reversing the Biden administration’s enforcement actions against the crypto industry, pardoning Silk Road founder Ulbricht and several BitMEX founders. With Changpeng Zhao, he’s simply continuing his policy.

In response, White House spokesperson Levitt bluntly stated that Zhao Changpeng was a victim of the Biden administration’s “war on cryptocurrency,” and that Trump’s pardon was “the exercise of constitutional powers.” Anyone with a discerning eye can see that these remarks are essentially a policy game between the two US parties regarding the crypto industry.

Trump aims to win over young voters and tech investors by supporting the crypto industry, and pardoning an “industry icon” like Changpeng Zhao is undoubtedly the most direct expression of his support. However, the underlying commercial interests are more crucial. According to the Wall Street Journal, Binance began reaching out to Trump’s allies around the time of the 2024 US election, establishing a dedicated working group to explore the possibility of “returning to the US market” and “seeking a pardon for Changpeng Zhao.”

The breakthrough came from World Liberty Financial (WLFI), a cryptocurrency company owned by the Trump family. Binance not only assisted WLFI in launching a stablecoin, which generates tens of millions of dollars in annual revenue for the Trump family, but also discussed injecting capital into WLFI in exchange for a pardon for Changpeng Zhao. This move is not unprecedented: after Tron founder Justin Sun invested $30 million in WLFI, the SEC suspended its fraud lawsuit against him.

Although Changpeng Zhao denied “dealing for a pardon,” the market generally believes that the logic of “commercial cooperation in exchange for political endorsement” has long been established. Trump himself admitted that the pardon was “requested by numerous influential people,” but emphasized that he “never met Changpeng Zhao.” This statement is more like a political rhetoric, distancing himself from direct involvement while simultaneously winning over the crypto industry.

Is Barron taking over Binance US? The ambition behind the rumor

After the pardon announcement, another even more explosive rumor began to swirl: Trump’s youngest son, Barron Trump, might take over Binance US. Although neither Binance nor the Trump family responded directly, the rumor was not groundless.

Sources familiar with the matter revealed that Binance has long sought to re-enter the US market, but its 2023 plea agreement has tarnished its reputation in the US, making it difficult to find partners. Partnering with the Trump family is undoubtedly the best stepping stone. If Barron were to join Binance US, he could leverage the Trump family’s influence to improve Binance’s public image while also taking advantage of the Trump administration’s favorable policies to quickly obtain regulatory licenses.

For the Trump family, this is also a lucrative deal. With the global rise of the crypto industry, investing in a leading platform like Binance.US allows them to directly participate in the market’s dividends. Some analysts suggest that if Binance.US is relaunched, its valuation could reach billions of dollars, allowing the Trump family to reap substantial returns even with a minority stake.

More notably, Barron Trump himself has a keen interest in technology and cryptocurrency, having publicly expressed his optimism about blockchain technology numerous times in recent years. If he were to acquire Binance.US, he would not only gain business experience but also add a crucial piece to the Trump family’s political and business empire. While the rumors remain unconfirmed, industry logic suggests the possibility of such a powerful alliance is highly plausible.

Industry shock: chain reaction after the pardon

The news of Zhao Changpeng’s pardon instantly triggered a chain reaction in the crypto market. The price of BNB skyrocketed that day, reaching a record high, and Binance’s platform trading volume surged by 30%. More importantly, this could allow Binance to prematurely end its three-year external monitoring program – a requirement mandated by the 2023 plea agreement, which could be waived by the pardon.

For the global crypto industry, this pardon sends a clear signal: US regulation of the crypto industry is easing. A friend at a compliance agency told me, “There will undoubtedly be more crypto companies applying to enter the US market. The Trump administration wants to make the US a ‘crypto capital,’ which is good for the industry, but it may also bring new risks.”

But there are also doubts. Democrats have demanded that the Trump administration detail its interactions with Binance, arguing that this “intertwined business relationship with political pardons” raises serious ethical concerns. Some even bluntly call it a “blatant exchange of power for money” that would undermine American justice.

At a dinner gathering of veteran cryptocurrency insiders, opinions were more rational. Some said, “The pardon resolved Zhao Changpeng’s personal issues, but Binance still has a long way to go to meet regulatory compliance requirements.” Others lamented, “Binance, having left Shanghai, now relies on US political power to turn things around. It’s truly unpredictable.”

Echo: The legend of Shanghai and the future of the industry

Shanghai: The “Original Place” of Blockchain

On October 23, 2025, the Shanghai Wanxiang Blockchain Conference was still bustling with activity. Dr. Xiao Feng delivered a passionate speech on the main stage. Young entrepreneurs shared case studies of “AI + Blockchain.” In the booths, newly established projects were busy handing out flyers. During a coffee break, I ran into some young industry insiders who, seeing me wearing a BINANCE shirt at the conference, asked if I worked there. I said no, but I had a close relationship with them. They heard I knew Changpeng Zhao and surrounded me, asking, “Was his Shanghai office really that shabby back then?”

Looking at these new faces, I suddenly realized: the cryptocurrency world is no longer the small, “salon-like” world of a dozen or so people back then. But those old stories and places still linger, especially from July to October 2017 at Shanghai SOHO Fuxing Plaza, where the Binance dream began.

Shanghai has become the most open mainland Chinese city in terms of blockchain policies. The Science and Technology Industrial Park has introduced a series of policies, including “enterprise subsidies” and “talent settlement.” By 2024, Shanghai’s blockchain-related industries are thriving. The annual Wanxiang Blockchain Conference has become a bellwether for the mainland blockchain industry.

But veteran OGs know that what’s most precious are those “historical traces.” The OKCoin office in Beijing’s Xi’erqi district has long since moved, but the security guard at the Yiquanhui office building still recalls “a bespectacled Canadian technician who worked overtime every day.” Binance’s old office in Shanghai’s SOHO Fuxing Plaza is now rented to an internet company, but the owner of the coffee shop downstairs still remembers “a group of young people rushing in with their laptops to order takeout.” At the Wanxiang Blockchain Conference, you can still find a photo exhibition from Vitalik Buterin’s 2017 speech.

During the conference, I made a special trip to SOHO Fuxing Plaza. Standing at the elevator entrance on the 15th floor, I could still hear He Yi yelling, “Keep working hard!” and saw Changpeng Zhao relaxing on a folding bed. The security guard nearby, upon hearing I was looking for “the old Binance office,” said with a smile, “People often ask, ‘I heard that company is big overseas now?'” I nodded, feeling mixed emotions.

Shanghai’s inclusiveness and openness nurtured the initial form of Binance; the aftermath of the 1994 protests forced Binance to expand overseas. Today, Shanghai continues to support blockchain development, and Binance has established a firm foothold overseas, but the “Shanghai version of Binance” remains forever etched in the autumn of 2017.

The world of the old and the era of the new

At the dinner, after the old OGs finished talking about Zhao Changpeng, the topic naturally turned to Xu Mingxing, He Yi, Li Lin, Du Jun, Bao Erye and other “old men”. Some said that Xu Mingxing’s OKX is now focusing on compliance; some said He Yi is really a diligent “customer service”; some said that Li Lin’s Huobi has been consistent; some said that Zhao Dong [Character Biography] Zhao Dong: Passive lock-up behind bars

Those who once nibbled on donkey meat hot pot in the small salon of Garage Coffee are now industry veterans. Their stories epitomize the cryptocurrency world’s decade: from humble beginnings to compliant development, from domestic expansion to global expansion, and from technological obsession to commercial maturity.

The young people around me are focused on “MEME,” “decentralized DEX,” “policy opportunities in the regulatory sandbox,” and “RWA.” They haven’t seen the humble offices in Xi’erqi, nor experienced the panic of the “94” incident, but they enter the industry with more professional knowledge and clearer plans. For example, at the Shanghai Wanxiang Blockchain Conference, 90% of the attendees were under 30 years old, and the topics they discussed went far beyond the initial discussion of “What is Bitcoin?”

A young man who just joined the industry said to me: “Zhao Changpeng’s story is so legendary. When we do projects now, the first thing we consider is compliance. We will not repeat the old path.” I was deeply moved when I heard this: the old people paved the way with their lessons, and the newcomers are moving forward steadily on this road. This may be the inevitable development of the industry.

The future: Balancing compliance and innovation

Although Zhao Changpeng’s pardon solved his personal legal problems, it also left the industry with deeper thoughts: How should the development of blockchain balance innovation and compliance?

Binance’s experience offers a clear answer: rapid early expansion can indeed capture market share, but ignoring compliance ultimately carries a heavy price. A $4.3 billion fine and four months in prison are lessons that should serve as a cautionary tale for all crypto companies. Today, with the backing of a $2 billion investment from MGX, Binance is fully committed to compliance and is reportedly licensed in over 10 countries.

Shanghai’s development path may offer another example: through clear policy guidance and a robust industrial ecosystem, blockchain technology is being innovated within a compliant framework. From supply chain finance to digital government affairs, from copyright protection to agricultural traceability, Shanghai’s blockchain applications have long transcended the realm of “virtual currency” and are now reaching the real economy, including RWA.

On October 24, 2025, Zhao Changpeng posted on the X platform: “Thank you, President Trump. We will help the United States become the ‘capital of cryptocurrency.'” And in Shanghai, on the last day of the Wanxiang Blockchain Conference, a roundtable forum on “Compliance and Innovation” was packed.

On one hand, there is the “political turnaround” of the world’s largest exchange, and on the other hand, there is the “steady progress” of the mainland’s blockchain. The two paths seem different, but they both point in the same direction: only compliant innovation can go long-term.

Conclusion: The Jianghu is not far away, the legend will last forever

Although Binance’s headquarters is not in Shanghai, its ties with the city have never been truly severed.

Looking back over the past decade, from donkey meat hot pot in Beijing’s Xi’erqi to pizza and coffee in Shanghai, from folding beds in SOHO Fuxing Plaza to sovereign fund investments in Dubai, from his guilty plea in court to Trump’s pardon, Changpeng Zhao’s story is like an epic in the cryptocurrency world . And his contemporaries, those old places that witnessed it all, have become “living fossils” of the industry.

Some say the cryptocurrency world is forgetful, with new projects and hot topics popping up every day, and old stories quickly forgotten. But I disagree. Just like that office in Shanghai’s SOHO Fuxing Plaza, the familiar faces at the Wanxiang Conference, and the dinner with the old OGs after Changpeng Zhao was pardoned—these details are ingrained into the industry’s DNA.

There will be more “Changpeng Zhao” and more “Binance stories” in the cryptocurrency world of the future, but the Binance dream that was born in Shanghai that summer of 2017, and the memories of its original aspirations, expansion, setbacks, and rebirth, will never fade. This is because it is not only the starting point of a company, but also the mark of the youth of an industry.

The world is not over, and the legend lives on. If you’re new to the #web3 #coincircle #blockchain world , you must study some of the past. This industry has never been smooth sailing, but as long as you adhere to the bottom line of compliance and maintain your original intention of innovation, you will surely see the light. As Zhao Changpeng said at SOHO Fuxing Plaza: ” Shanghai will always be the starting point for Binance. “

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