Unexpected: Binance Founder CZ Confirms Pardon Request to Donald Trump

In a surprising turn of events, Binance founder Changpeng Zhao, widely known as CZ, has confirmed that he applied for a pardon from former US President Donald Trump. This confirmation came after initial reports suggesting such a move were denied by CZ himself. The news has generated significant discussion within the crypto community and beyond.

CZ Confirms Seeking Pardon

Changpeng Zhao recently stated on a podcast that he wouldn’t object to receiving a pardon. He explicitly mentioned that his legal team had already filed the necessary paperwork on his behalf. This admission provides clarity following earlier speculation.

Why CZ Applied to Donald Trump

According to CZ, the decision to officially apply for a pardon was partly prompted by media reports from Bloomberg and The Wall Street Journal in March. These reports suggested he was seeking clemency from Donald Trump amid unrelated business discussions involving the Trump family and Binance.US. While CZ initially denied these reports, he explained that seeing them made him decide to “officially apply.” Another factor he cited was Trump’s previous pardons granted to individuals involved with BitMEX, including Arthur Hayes.

The Money Laundering Conviction

CZ pleaded guilty to a money laundering charge in November 2023. This plea was part of a larger settlement agreement between Binance and US authorities. The settlement involved Binance paying a substantial $4.3 billion fine, with CZ personally contributing $50 million. As part of the deal, CZ was required to step down as CEO of Binance. He was later sentenced to a four-month prison term for the conviction.

What a Pardon Means for CZ and Binance

The US Department of Justice clarifies that a presidential pardon does not erase a conviction. However, a pardon could potentially restore certain rights or open doors. Specifically, it might allow CZ to take on a management or operational role at Binance.US in the future, a role currently restricted by his plea deal. The impact of a pardon from Donald Trump on his ability to work in the US crypto sector remains a key question.

CZ’s Future After Binance

Despite the possibility a pardon might create, CZ has publicly stated he has no immediate plans to return as Binance CEO. He expressed confidence in the current team’s performance. Since completing his prison sentence, CZ has reportedly taken on advisory roles in countries like Pakistan and Kyrgyzstan, focusing on crypto regulation and blockchain technology implementation. His activities suggest a continued interest in the broader crypto ecosystem, even if not at the helm of Binance.

In summary, Binance founder CZ has confirmed his application for a pardon from Donald Trump related to his money laundering conviction. The move was influenced by media reports and previous pardons granted in the crypto space. While a pardon wouldn’t clear his record, it could potentially affect his future involvement with Binance.US. CZ maintains he has no plans to resume the CEO role at Binance, focusing instead on advisory work in the regulatory space.