President Grants Clemency Following Pardon Request, Contradicting Initial Media Claims Regarding the Head of State
In an eyebrow-raising development, Changpeng Zhao, famously known as CZ, the brainchild behind Binance, has admitted to filing an application for a presidential pardon from former President Trump. This revelation comes roughly two weeks after reports swirled about his alleged pursuit of a pardon, which he had previously vehemently denied. CZ shared this information during an interview on the Farokh Radio podcast on May 6.
- Fun Fact:* CZ's brush with the law led to a guilty plea in 2023, culminating in a four-month prison sentence.* This conviction forced him to relinquish his position as CEO and barred him from holding a role at Binance.US under current restrictions.* A pardon could potentially pave the way for his return to management.
During the interview, CZ stated that his lawyers filed the application just a fortnight prior, prompted partly by Trump's decision to pardon three BitMEX executives, including Arthur Hayes.
Zhao's guilty plea, part of a settlement agreement with U.S. authorities in November 2023, carried a $50 million personal fine and a prison sentence. The agreement also mandated Binance to pay a hefty $4.3 billion fine.
Previously, when media outlets like Bloomberg and The Wall Street Journal reported about his alleged pursuit of a pardon, CZ dismissed those claims, stating that "no felon would mind a pardon." He claimed to be the sole individual in U.S. history to serve time for a violation of the Bank Secrecy Act.
The U.S. Department of Justice clarified that a presidential pardon would not expunge Zhao's conviction. However, it could potentially enable him to reclaim a leadership role at Binance.US or elsewhere in the crypto sphere. Yet, no pardon has been granted as of now, leaving the impact on CZ's position in Binance and the broader crypto industry uncertain.
- During the interview on the Farokh Radio podcast on May 6, Changpeng Zhao, popularly known as CZ, revealed that his lawyers had filed an application for a presidential pardon just two weeks earlier.
- In November 2023, Zhao pleaded guilty as part of a settlement agreement with U.S. authorities and was fined $50 million and sentenced to prison.
- Previously, CZ had dismissed claims by media outlets like Bloomberg and The Wall Street Journal that he was pursuing a pardon, stating that "no felon would mind a pardon."
- If granted, a presidential pardon could potentially enable CZ to reclaim a leadership role at Binance.US or elsewhere in the crypto sphere, even though it would not expunge his conviction.
