Changpeng “CZ” Zhao, the founder and former CEO of Binance, has made headlines once again by confirming his formal application for a presidential pardon from Donald Trump. This announcement comes less than a year after Zhao completed a four-month sentence in a U.S. federal prison, highlighting the ongoing legal struggles faced by one of the most significant figures in the cryptocurrency realm.
In a recent episode of the Farohk Radio podcast, Zhao disclosed that his legal team submitted the pardon application two weeks ago. “I’ve got lawyers applying. We only submitted after the Bloomberg article and the Wall Street Journal article came out,” Zhao explained. These articles, published in March, reported on his pursuit of a pardon while simultaneously engaging in crypto business discussions involving allies of the Trump family.
Zhao noted, “And I was like, well, if they are writing this article, we might as well officially apply.” This candid admission offers a glimpse into Zhao’s strategic thinking as he navigates the complex landscape of public perception and legal compliance.
Previously, Zhao had publicly refuted key components of these reports, labeling them inaccurate while denying any ongoing business negotiations involving Binance U.S. His legal troubles stemmed from a guilty plea in April 2024 for failing to maintain an effective anti-money laundering program at Binance, which, during that period, stood as the world’s largest cryptocurrency exchange by trading volume.
In addition to his prison sentence, Zhao was required to pay a hefty $50 million fine, while Binance itself bore a staggering $4.3 billion in what marked one of the most significant corporate settlements in U.S. history. Zhao was released from prison in September of last year, suggesting a potential reintegration into the crypto community.
Trump’s history of pardoning figures within the crypto space adds another layer of intrigue to Zhao’s application. Previous pardons granted by Trump include notable individuals like Silk Road founder Ross Ulbricht and the co-founders of BitMEX, both of whom benefited from a more crypto-friendly regulatory environment during Trump’s administration.
During his podcast appearance, Zhao also discussed his lack of investment in Trump’s official memecoin, TRUMP, signaling a clear boundary between his personal investments and political affiliations. Furthermore, he recently shared his advisory role with Kyrgyzstan on utilizing BTC and BNB for a potential National Crypto Reserve, showcasing his ongoing commitment to the advancement of cryptocurrency usage on a global scale.
The outcome of Zhao’s pardon application remains uncertain, yet it illustrates the intricate interplay between crypto, legal challenges, and political maneuvering in today’s financial landscape.
