Former Binance CEO Changpeng Zhao (CZ) has expressed openness to receiving a federal pardon from US President-elect Donald Trump for his past felony charge.
In a 2 December response on X (formerly known as Twitter) to TelosX co-founder John Lilic, CZ remarked he "wouldn't mind a pardon" from Trump, who will take office as the 47th US president on 20 January 2025.
This follows CZ's November 2023 guilty plea to charges stemming from Binance's failure to implement an effective Anti-Money Laundering (AML) programme, which led to his resignation as CEO and a lifetime ban from managing or operating Binance.
After serving a four-month prison sentence, CZ has shifted focus to investing in artificial intelligence (AI), but the federal conviction still poses challenges to his future business endeavours.
While a presidential pardon would not erase his conviction, it could remove legal restrictions tied to his record, potentially easing the path for licenses, bonding, or employment.
The Justice Department notes that a pardon can mitigate the stigma of a conviction, though its full implications for CZ's potential return to Binance remain uncertain.
CZ stepped down as CEO in 2023 as part of a settlement with prosecutors after founding binance in 2017, though he stated he would ""remain available to the team for consultation as needed.”
Reaffirming his stance on X, CZ emphasized that he had "no desire to be CEO again.”
Richard Teng, who succeeded Zhao following the settlement, confirmed in September that the former CEO is subject to a lifetime ban from managing or operating the crypto exchange.
This restriction implies that even with a presidential pardon, CZ is unlikely to return to any significant leadership role at Binance.
On Sunday, President Joe Biden issued a pardon for his son, Hunter Biden, who had earlier pleaded guilty to tax and gun charges and was awaiting sentencing.
The statement reads:
“Today, I signed a pardon for my son Hunter. From the day I took office, I said I would not interfere with the Justice Department’s decision-making, and I kept my word even as I have watched my son being selectively, and unfairly, prosecuted. Without aggravating factors like use in a crime, multiple purchases, or buying a weapon as a straw purchaser, people are almost never brought to trial on felony charges solely for how they filled out a gun form. Those who were late paying their taxes because of serious addictions, but paid them back subsequently with interest and penalties, are typically given non-criminal resolutions. It is clear that Hunter was treated differently.”
The development sparked a wave of speculation about the possibility of a similar pardon for CZ.
Reacting to the news, CZ retweeted the announcement with a playful eyes emoji, prompting a flood of responses advocating for his pardon.
CZ replied to these comments with laughter, adding fuel to the discussion.
Many in the crypto community are pinning their hopes on President-elect Donald Trump to grant a pardon for CZ, rather than Biden.
Trump's pro-crypto stance includes promises to end the regulatory "crypto crackdown," introduce friendlier policies, create a strategic Bitcoin reserve, and boost US dominance in Bitcoin mining.
Pardoning CZ could serve as a symbolic and popular starting point for Trump's efforts to reshape the crypto industry landscape.
Some even suggested that Trump administration should hire CZ to head a cryptocurrency division.
Wintermute partners with OSL and HashKey to support Bitcoin spot ETFs in Hong Kong, enhancing liquidity. ETFs mark milestone in integrating digital assets into portfolios amid proactive regulatory environment.
Huang BoBlackRock plans to add Bitcoin ETFs to its Strategic Income Opportunities Fund, signaling acceptance of cryptocurrencies but warning about associated risks.
Huang BoA spot Bitcoin ETF has amassed $10 billion in AUM in five weeks, marking a key shift in crypto market dynamics.
JinseFinanceA long-term investment perspective is the key to investing in Bitcoin. Instead of asking “when,” ask “how long.”
JinseFinanceGrayscale Research’s analysis shows that traditional balanced portfolios can achieve higher risk-adjusted returns with a modest allocation to cryptocurrencies (approximately 5% of total financial assets).
JinseFinanceWhile 2024 poses uncertainties, Visa and Thermo Fisher emerge as solid choices, each presenting a unique value proposition. As always, prudent investors should assess their risk tolerance and consider a diversified approach in navigating the evolving economic landscape.
SanyaIn the months preceding FTX’s spectacular demise, reports revealed that the crypto exchange secretly diverted some $4 billion in company funds.
decryptA look inside Sam and Caroline’s grab-bag of crypto, etc.
Financial TimesAccording to FTX/Alameda's spreadsheet, the portfolio of FTX/Alameda contains nearly 500 illiquid investments spread across 10 holding companies.
OthersA diversified investment portfolio should include a little bit of everything. Traditionally, people think about their broker account, their property ...
Bitcoinist
