The U.S. administration under President Donald Trump is reportedly planning to give Changpeng Zhao, the Co-Founder and former CEO of the cryptocurrency exchange Binance, a presidential pardon.
In 2024, Changpeng Zhao, also known as CZ, pleaded guilty to money laundering and was sentenced to four months in prison along with a $50 million fine. He also had to resign as Binance’s CEO and step down from any executive role from the firm.
In a post on X, New York Post columnist and Fox correspondent Charles Gasparino said that people close to Zhao have been saying that Trump insiders think the case against him was “pretty weak” and didn’t need a felony charge or jail time. And since Zhao is still Binance’s biggest shareholder, these talks have made it possible for him to come back to the crypto exchange.
Zhao also responded to these reports by saying that it would be “great news if true” to be considered for a pardon. He also stressed that he was only convicted of one violation of the Banking Secrecy Act, not fraud.
The Trump administration has been more lenient with the cryptocurrency industry in the past, even letting three BitMEX founders and Silk Road creator Ross Ulbricht go free.
CZ pleaded guilty in 2023
In 2023, the US Department of Justice found that CZ-led Binance had poor Anti-Money Laundering (AML) and Know Your Customer (KYC) measures. Following these charges in November 2023, CZ stepped down and admitted to breaking U.S. anti-money laundering laws.
Binance paid a total of $4.3 billion in fines as part of the settlement. Zhao also agreed to pay a $50 million fine and is not allowed to become an executive at Binance. But he was allowed to keep his stake in the company.
Zhao even faced prison for these charges for four months and was released in April 2024. After serving his sentence, CZ started a nonprofit educational app called Giggle Academy. He also invests in biotech and artificial intelligence ventures.
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