CZ Refutes WSJ Claims of a Binance-Trump Deal & Presidential Pardon

Binance founder Changpeng Zhao (CZ) is pushing back against a Wall Street Journal (WSJ) report alleging he is seeking a presidential pardon and that Binance.US has engaged in investment talks with the Trump family.

The article claims that Trump associates have discussed taking a stake in Binance.US and that CZ, as the company’s largest shareholder, is seeking clemency to re-enter the US market.

CZ, who pleaded guilty to money laundering charges in November 2023 and served four months in prison, firmly denies these claims.

In a 13 March post on X (formerly known as Twitter), he dismissed the WSJ report as false, asserting that he had never discussed any Binance.US deal with the Trump family and had not sought a pardon.

He accused the media of fabricating narratives to undermine both cryptocurrency and Trump’s administration, emphasizing that WSJ failed to present concrete evidence.

According to CZ, WSJ contacted at least 20 sources in an attempt to corroborate its claims but provided no definitive proof.

The report also suggests that Binance sought to re-establish its US presence following legal troubles and explored a potential deal through World Liberty Financial (WLF), a crypto venture linked to the Trump family.

It further alleges that Trump associate Steve Witkoff was involved in discussions, though an administration official denied this, stating Witkoff was in the process of divesting from business interests.

WSJ also reported that Binance formally requested a presidential pardon for CZ but noted it was “unclear” whether Trump’s potential investment in Binance.US would hinge on such a pardon.

If granted, a pardon could allow Binance to expand its operations in both the US and Europe.

Discussions between Binance and the Trump family reportedly began around Trump’s 5 November election victory, with sources claiming Binance executives were inspired by the approach taken by crypto entrepreneur Justin Sun, who also faces US regulatory scrutiny.

CZ Shuts Down False Claims From Bloomberg After WSJ Saga

Bloomberg followed up with its own report, echoing similar unsubstantiated claims.

CZ swiftly responded, calling out the publication’s history of misleading coverage about him.

He reminded the public that in July 2024, Bloomberg was forced to issue a formal apology after he sued them for defamation.

The lawsuit stemmed from a 2022 article in Bloomberg Businessweek’s Chinese edition, which falsely accused him of running a Ponzi scheme.

Bloomberg’s apology read:

“In our 250th issue (July 6, 2022), we made the egregious mistake of publishing a cover page with a headline that was false and baseless.”

Bloomberg admitted:

“We were wrong to write ‘Changpeng Zhao’s Ponzi Scheme.’ We retract and withdraw this offensive statement without reservation and apologize unreservedly for any harm or distress caused to Mr. Zhao and Binance, the organization he founded.”

However, CZ highlighted what he saw as Bloomberg’s hypocrisy in handling the apology.

Instead of giving it the same prominence as the original false report, the publication quietly posted it on a corporate website.

He also noted that Bloomberg altered the original headline only after legal action was taken and that the apology itself conspicuously avoided mentioning Bloomberg by name:

“They published their false claim on the cover of their magazine, but their apology was hidden on their HK corporate website."

He argued:

“The English version of the magazine cover asked, ‘Can … stand the cold?’ But the Chinese version said, ‘Zhao’s Ponzi Scheme.’ After we filed the lawsuit, they changed it to ‘Mysterious CZ’.”

Despite this history, CZ accused the outlet of continuing to publish what he considers baseless hit pieces against him:

“Their English apology doesn’t even say ‘Bloomberg’ once. But if you Google Translate their Chinese version, it clearly says ‘Bloomberg Businessweek/Chinese Edition Apology Notice’ at the top.”

The Impact of a Presidential Pardon on CZ’s Case

Having already served his sentence, a pardon for CZ would not erase his felony conviction, but it could lift legal restrictions tied to it.

According to the US Justice Department, a pardon can “facilitate removal of legal disabilities imposed because of the conviction,” potentially allowing CZ to re-engage with the crypto industry.

With two major news outlets reporting similar claims, the question remains—Is CZ simply pushing back against misinformation, or is he preemptively denying details that surfaced ahead of schedule?