Aaron Brown, Columnist

Crypto Needs a Killer App More Than a Chastened Binance

Many digital currency purists want to reduce the coercive power of government and big finance, not get in bed with them — and certainly not on their terms.

November 22, 2023 at 2:02 PM UTC

By Aaron Brown

Aaron Brown is a former head of financial market research at AQR Capital Management. He is also an active crypto investor, and has venture capital investments and advisory ties with crypto firms. He is the author of the soon-to-be-released "Wrong Number."

Changpeng Zhao, CEO of Binance, center, exits federal court in Seattle, Washington, on Nov. 21. Zhao pleaded guilty to anti-money laundering and US sanctions violations under a sweeping settlement. — Changpeng Zhao, CEO of Binance, center, exits federal court in Seattle, Washington, on Nov. 21. Zhao pleaded guilty to anti-money laundering and US sanctions violations under a sweeping settlement.
Photographer: Chloe Collyer/Bloomberg via Getty Images

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Here’s a question few of us will ever have to answer. Would you rather have $23 billion living in the United Arab Emirates with no US extradition treaty, or sacrifice a chunk of your wealth and perhaps spend 18 months behind bars to resolve all your issues with the US Department of Justice and Securities and Exchange Commission?

Binance Holdings Ltd. CEO Changpeng Zhao appears to have chosen the latter. We don’t know all the details of the deal — most importantly the length of time, if any, Zhao must spend in prison — but it appears to clear the way for Binance to continue as the world’s largest crypto exchange and for Zhao to keep his top-100 status on the Bloomberg Billionaires Index.