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Individuals close to Changpeng Zhao, the prior CEO of Binance more commonly referred to as ‘CZ,’ indicate that conversations are escalating within the Trump White House regarding the possibility of granting a presidential pardon for the troubled crypto leader, as per reporting from
Zhao, formerly one of the most powerful personalities in the digital asset arena, served time after a plea agreement with the U.S. Department of Justice in 2023 that resulted in a money-laundering conviction and $4.3 billion in penalties for Binance.
However, according to multiple sources acquainted with the issue, many within Trump’s close circle now perceive the case as politically inspired — a signature of what they label as the Biden administration’s wider crackdown on crypto.
Zhao continues to be Binance’s largest individual stakeholder, and a pardon could facilitate his official return to the exchange, which he established in 2017 and expanded into the globe’s largest Bitcoin and crypto trading venue.
Speculation regarding a Trump pardon has been present for the majority of this year, but the decision is reportedly imminent.
CZ background
Zhao’s 2023 conviction represented one of the most notable cases in the government’s initiative against major exchanges.
U.S. prosecutors charged Binance with permitting illegal transactions involving sanctioned entities and failing to implement adequate anti-money-laundering measures. CZ admitted guilt, resigned as CEO, and paid a personal penalty of $50 million.
Zhao served a four-month incarceration. He received his sentence in April 2024 and was released in September 2024, after spending time in a minimum-security federal prison in California followed by a transitional housing facility.
Notwithstanding this, even detractors of Binance have questioned the appropriateness of the criminal charges. Trump’s team reportedly views Zhao’s predicament as a chance to showcase a “new era” of crypto policy — one that promotes innovation over retribution.
A decision could materialize before the year concludes, but Trump’s focus is split between international policy issues — encompassing conflicts in Gaza, Ukraine, and renewed trade tensions with China — and that discussions surrounding clemency frequently extend longer than anticipated, as per Gasparino.
At this time, the crypto community is observing intently. A Trump pardon for CZ would signify not just a personal affirmation for Zhao, but also serve as a political statement: Trump indicating that the world’s most powerful government is genuinely open for Bitcoin commerce.
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