Former Binance Chief Engaging With Around 12 Nations on Asset Tokenization Initiatives
Changpeng Zhao, who previously led Binance, revealed during his appearance at Davos' World Economic Forum that he is providing advisory services to multiple national governments regarding the tokenization of government-owned assets.
Changpeng Zhao, commonly known as "CZ," who formerly served as the chief executive officer of the Binance cryptocurrency exchange and now operates as co-founder of YZi Labs, has disclosed that he is currently engaging in discussions with approximately a dozen national governments concerning the tokenization of their state-held assets.
During his participation on a discussion panel at the World Economic Forum (WEF) held in Davos, Switzerland this past Thursday, Zhao revealed that he has been actively working with the governments of multiple countries whose names he did not disclose, as part of initiatives connected to asset tokenization. The ex-CEO characterized tokenization as a "huge" and well-established element of the cryptocurrency sector, placing it alongside "exchanges and stablecoins" as proven use cases.
"I'm talking with probably a dozen governments about tokenizing some of their assets, because this way the government can actually realize the financial gains first and use that to develop those industries," said Zhao.
Zhao has engaged in direct collaboration with governmental authorities in Kyrgyzstan as part of initiatives aimed at advancing the nation's som-pegged stablecoin project. The Pakistan Crypto Council, which was formed in March 2025, appointed Zhao to serve as an adviser, and government representatives from Malaysia reportedly held discussions with him regarding a prospective cryptocurrency regulatory framework in January 2025.
During his time at Davos, Zhao additionally pointed out challenges associated with the adoption of cryptocurrency for payment purposes, observing a merging of conventional payment systems and the utilization of digital assets:
"Payments is something that we have tried and not really conquered, have not really started in crypto. We've tried, but nobody really pays in crypto."
Speculation around CZ potentially returning to Binance
Zhao completed a four-month prison term in 2024 as part of a settlement arrangement with United States authorities in connection with his failure to establish an appropriate Anti-Money Laundering program at Binance. He stepped down from his position as CEO, and his felony charge combined with his plea agreement would have most likely barred him from taking on a leadership position at the cryptocurrency exchange following the completion of his sentence.
Nevertheless, US President Donald Trump issued a pardon for Zhao in October, eliminating obstacles to a potential return to Binance. Zhao stated in December that he was "retired," suggesting no intentions to go back to working at the crypto exchange.