CZ Expresses Openness to a Presidential Pardon
Former Binance CEO Changpeng "CZ" Zhao has suggested he would accept a presidential pardon from U.S. President-elect Donald Trump for the federal charges he faced. In a response on X (formerly Twitter) on December 1, Zhao stated he "wouldn’t mind a pardon." Trump is set to be inaugurated as the 47th President of the United States on January 20.
Guilty Plea and Legal Implications
In November 2023, CZ pleaded guilty to failing to maintain an effective anti-money laundering program at Binance. He was sentenced to four months in prison, which he completed by September. However, the federal conviction remains on his record, potentially impacting his future business activities.
According to the U.S. Department of Justice, a presidential pardon does not erase a conviction but mitigates legal and social consequences. It could help CZ obtain licenses or employment by easing certain restrictions.
CZ’s Relationship with Binance
After founding Binance in 2017, CZ stepped down as CEO in 2023 as part of a deal with authorities but pledged to remain available for consultations. In his response on X, CZ reiterated that he has no intention of returning as CEO.
Current Binance CEO Richard Teng stated in September that CZ is under a lifetime ban from running or operating a cryptocurrency exchange. Even with a presidential pardon, CZ’s active involvement in Binance’s leadership appears unlikely.
Trump’s Own Legal Challenges
Donald Trump faces legal challenges, including 34 charges of falsifying business records related to a $130,000 payment to actress Stormy Daniels. This May verdict made Trump the first U.S. president to be convicted of a crime.
Following his election victory, court proceedings were delayed, indicating that Trump is unlikely to face sentencing before taking office. Additionally, Trump’s state-level conviction in New York is not subject to presidential pardon, although he previously considered pardoning himself for federal charges.
Trump’s Stance on Cryptocurrency
During his presidential campaign, Trump promised to reduce the sentence of Ross Ulbricht, the founder of Silk Road, who was sentenced to life without parole in 2015 for money laundering, hacking, and drug trafficking. Trump pledged to act "on day one" of his presidency.
Although CZ was not mentioned during Trump’s campaign, his case adds to the ongoing discussion about the future of cryptocurrencies in the U.S. and the potential impact of a presidential pardon.
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