Trump is weighing a pardon for Binance's founder, Changpeng Zhao.

crypthub

about 16 hours ago

Potential Pardon for CZ

Sources indicate Donald Trump's team is seriously considering a presidential pardon for Changpeng Zhao (CZ), former CEO of Binance. This discussion has intensified recently, marking at least the tenth time this year the possibility has been explored. CZ previously entered a plea deal, admitting guilt to money laundering charges and stepping down from his CEO role.

CZ's Legal Troubles and Binance

In 2023, CZ faced legal issues, resulting in Binance paying a $4.3 billion fine and CZ personally paying $50 million and serving prison time. His sentencing occurred in April 2024, followed by time served and a stay at a halfway house, concluding in September 2024. The case involved allegations that CZ allowed illegal transactions and lacked adequate anti-money-laundering systems.

Trump's Stance on Crypto

Trump's team believes CZ was unfairly targeted as part of a broader Biden administration crackdown on cryptocurrency. They advocate for pro-crypto policies, arguing previous administrations treated crypto leaders as criminals instead of innovators. Some, even those critical of Binance, suggest the government's actions were excessive.

Implications of a Pardon

A pardon could significantly impact CZ's role within Binance, where he retains a substantial ownership stake. CZ founded the company in 2017, and it grew to become the world’s leading cryptocurrency exchange under his leadership. However, clemency decisions are often delayed, especially those with considerable implications.