Binance Founder CZ Finds a New Base in Abu Dhabi—and Embraces Benevolent Dictatorship

Changpeng Zhao, known in the industry as “CZ,” often avoids reporters. But this year, he met with me several times, eager to highlight his career at Binance, which continues to keep dirty money flowing.

Tall and thin, with short black hair and a Binance tattoo on his forearm, Zhao lacks the brash swagger associated with many of his crypto peers. He appears polite and attentive, but his interests are strikingly narrow. In his self-published memoir, Money Freedom, he describes taking an after-hours tour of the Louvre. The experience left him cold. The guides, he wrote, were like “playing the piano to a cow.”

From Country to Country in Search of Flexible Rules

For years, Zhao’s central mission was to move from country to country in what scholars call “judicial arbitrage”—searching for legal frameworks flexible enough to accommodate his appetite for risk and growth.

In Abu Dhabi, he may have found an ideal base of operations. Zhao chatted amiably as we drove through the city, pausing to ask his bodyguard for directions.

“Yes, boss, stay to your right,” the bodyguard replied.

We passed a series of impressive grounds on the way to Qasr Al Watan, the presidential palace crowned by a massive white dome resembling the Taj Mahal.

CZ on the Efficiency of Strongmen

Zhao was full of energy as we approached the palace.

“Democracy has been touted as the holy grail for the last few hundred years, but democracy is inefficient,” he said. “When you get a benevolent dictator, it actually becomes very efficient. There’s very little discussion. You don’t have to waste your time on a lot of frivolities.”

Why Abu Dhabi’s Top-Down Model Appeals to Crypto Leaders

Lately, this top-down model of business and politics—simultaneously medieval and ultra-modern—has gained traction in the United States.

During a visit to Abu Dhabi last year, Trump called the country’s ruler, Sheikh Mohammed bin Zayed Al Nahyan, “a very strong man” and “a visionary man like few others.”

Zach Witkoff, the son of one of Trump’s top advisers and a MAGA prince of sorts himself, put it more bluntly at a crypto conference in Dubai last May.

“We really need to take a page out of His Royal Highness and the Emirates’ book,” Witkoff said. “These are just great examples of how we can lead with innovation while maintaining our family values.”

An Elite Enclave for Monarchs, Billionaires and Crypto Executives

Zhao is already living in an elite enclave where monarchs and billionaires operate in harmony—a vision that some business and political leaders increasingly aspire to.

As we drove away from Qasr Al Watan, he told me about attending a private conference at the nearby Emirates Palace Mandarin Oriental Hotel. The event was expected to attract executives including hedge fund founder Ray Dalio and Japanese billionaire Masayoshi Son.

While Zhao sat in the audience, he noticed someone bending down to speak with him. It was Sheikh Mohammed. The ruler wanted to know how Zhao was doing and whether there was anything he could do to help.