'What Coin Should I Buy?'—Binance Founder Changpeng Zhao Shares Anecdotes From 4-Month Prison Stint

Binance founder Changpeng Zhao revealed that prison guards at a California correctional facility approached him for cryptocurrency investment tips, even as he faced legal consequences for money laundering violations tied to his exchange.

What Happened: Speaking at the Binance Blockchain Week in Dubai, he said, "A couple of guards recognized me and then asked me, ‘What coin should I buy?'" Zhao, commonly known as "CZ" in the crypto world, noted that he explained to them he had no internet access and limited information due to confinement.

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"I told them, look, I'm inside. I don't have any access to information… so we don't talk about crypto," he said.

Despite his situation, the guards' inquiries underscored how mainstream cryptocurrency interest has become, even among correctional staff.

Zhao's recent stint in a California correctional facility came after pleading guilty to U.S. money laundering charges earlier this year, leading to a four-month sentence.

U.S. prosecutors argued that Binance, under Zhao's leadership, failed to adequately monitor and report over 100,000 suspicious transactions linked to groups such as Hamas, al-Qaeda and ISIS.

Additionally, they cited Binance’s facilitation of child exploitation materials sales and a significant influx of ransomware earnings.

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In response to these violations, Binance was hit with a $4.32 billion penalty, while Zhao personally agreed to pay a $50 million criminal fine and an additional $50 million to the Commodity Futures Trading Commission (CFTC).

Zhao also shared his observations of prison life, describing inmates as "very nice people" and noting that some appeared to be serving extended sentences for minor offenses.

"I think a decent portion of them have no reason to be there… they’re super nice guys," he commented.

What’s Next: Industry insiders will have the chance to discuss such topics in greater detail at Benzinga’s Future of Digital Assets event on Nov. 19, which will delve into the evolving regulatory landscape shaping the future of digital currencies.

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