On Thursday, President Donald Trump granted a pardon to former Binance CEO and co-founder Changpeng Zhao (CZ), following months of speculation and anticipation surrounding this decision.
White House Press Secretary Karoline Leavitt announced the pardon, stating, “President Trump exercised his constitutional authority by issuing a pardon for Mr. Zhao, who was prosecuted by the Biden Administration in their war on cryptocurrency.”
Binance Celebrates Trump’s Pardon For CZ
This scrutiny came during former President Joe Biden’s administration, which focused heavily on digital assets and firms like Binance. In 2023, Zhao pleaded guilty to violations of US anti-money-laundering (AML) laws and served a four-month prison sentence as part of a $4.3 billion settlement with US authorities.
In response to the pardon, Binance expressed in a new statement gratitude on social media platform X (formerly Twitter), stating:
Thank you, President Trump @POTUS for your leadership and for your commitment to make the U.S. the crypto capital of the world! CZ’s vision not only made Binance the world’s largest crypto exchange but also shaped the broader crypto movement. Binance remains focused on building a secure, transparent, and user-first platform that reduces fees and increases access to the financial system for all.
Following the announcement, Zhao expressed his appreciation, stating he is “deeply grateful for today’s pardon and to President Trump for upholding America’s commitment to fairness, innovation, and justice.” He further pledged to contribute to making America the capital of crypto and advancing Web3 on a global scale.
However, the pardon has drawn criticism from experts like Adam Cochran, who described the decision as “disgusting—even for Trump.” Cochran pointed out that Zhao had admitted to allowing groups such as Hamas and Wagner to utilize Binance for sanctions violations.
Expert Raises Concerns Over CZ’s Ties To Trump
Cochran highlighted several developments linked to Zhao’s pardon, including Binance’s partnership with Trump’s World Liberty Financial (WLFI) and collaboration with Dominari Holdings, which includes Trump’s sons and operates out of Trump Tower, on various projects.
Cochran also questioned the significance of the pardon, emphasizing that Zhao had already served his time and asked, “What difference does the pardon make?” He argued that it allows Zhao to take the reins of Binance or other financial projects again and removes oversight requirements.
Cochran concluded that this situation represents “the CLEAREST case of pay-for-crime,” asserting that Trump has made it clear that “crime can be overlooked in America” as long as one can afford to pay for a pardon.
Following this development, Binance Coin (BNB) surged back toward $1,122, marking a 3.6% gain within 24 hours.
Featured image from Reuters, chart from TradingView.com