Changpeng Zhao (CZ), the former CEO of Binance, has confirmed in a recent interview that he has formally applied for a presidential pardon from Donald Trump. However, Zhao clarified that he has no intentions of returning to his role as the leader of the world’s largest cryptocurrency exchange.
In an appearance on the Farokh Radio podcast, Zhao disclosed that the application for clemency was submitted through his legal team two weeks ago. He stated that the decision to proceed with the filing was influenced by news reports published in March by Bloomberg and The Wall Street Journal, which suggested he was pursuing a pardon related to cryptocurrency activities associated with Trump’s family.
“We only submitted after the Bloomberg article and the Wall Street Journal article came out,” Zhao explained, referencing his initial denial of the claims. “If they are writing this article, we might as well just officially apply,” he added, hinting at the pressures and implications of media reports.
Prior to this application, Zhao publicly dismissed the allegations on social media, stating that the news outlets had reported erroneous information and that he had never engaged in discussions concerning a potential Binance U.S. deal.
Nevertheless, he acknowledged that he would not decline a pardon, stating,
“No felon would mind a pardon, especially being the only one in U.S. history who was ever sentenced to prison for a single BSA charge.”
In the same interview, Zhao mentioned that part of his motivation for seeking clemency stemmed from President Trump’s previous decision to pardon the founders of BitMEX, including Arthur Hayes, who pleaded guilty to violations of the Bank Secrecy Act (BSA).
CZ Won’t Be Returning to Binance
Despite his pursuit of a presidential pardon, Zhao reaffirmed that he has no desire to reclaim his leadership position at Binance. He stated, “I’m not really looking to become CEO of Binance again.” Even after stepping down, he continues to be the largest shareholder of the cryptocurrency exchange.
Zhao’s legal troubles began in November 2023, when he pleaded guilty to a money laundering violation in a settlement with U.S. authorities. Binance was ordered to pay a staggering $4.3 billion penalty, with Zhao contributing $50 million. Subsequently, he resigned as the company’s CEO and was sentenced to four months in prison, coupled with a ban from holding any position at Binance.
According to the U.S. Department of Justice (DOJ), while a presidential pardon would not negate his conviction, it might allow him to assume a managerial or operational role at Binance in the future.
Since serving his prison sentence, Zhao has taken on advisory roles overseas. In Pakistan, he is involved with the national crypto council on policy and infrastructure planning. He has also signed a memorandum of understanding (MOU) with Kyrgyzstan’s National Investment Agency to aid in the development of Web3 initiatives and digital finance.
The implications of Zhao’s application for clemency and his ongoing involvement in the cryptocurrency space are closely watched by industry stakeholders and regulatory bodies alike. As the landscape continues to evolve, his next steps will be pivotal not just for his future but for the crypto exchange sector as a whole.
