Zhao seeks Trump’s pardon right now as the founder of Binance continues to deal with the ongoing aftermath of his crypto regulation conviction and also the company’s massive $4.3 billion settlement with US authorities. At the time of writing, the former CEO has actually confirmed on Farokh Radio that he has indeed applied for presidential clemency, which contradicts his previous denials about seeking such legal relief. This development has also created quite a bit of concern about legal risks in the cryptocurrency industry and what this might mean for Binance’s future operations.

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Binance Changpeng Zhao
Source: Bitcoin Sistemi

Pardon Application Confirmed

Changpeng Zhao, also commonly known as CZ in the crypto world, has publicly acknowledged that an application for a presidential pardon related to money laundering charges was submitted by him. During his appearance on Farokh Radio, Zhao openly stated:

“I wouldn’t mind” a pardon.

The application came shortly after Zhao had actually denied earlier reports suggesting he was seeking clemency. Zhao specifically mentioned Trump’s previous pardons for BitMEX founders as a key factor behind his request for similar treatment. Zhao seeks this pardon following Binance’s $4.3 billion settlement with US authorities, after personally contributing $50 million and serving a four-month prison sentence for violating the Bank Secrecy Act.

Zhao’s conviction has really restricted his role at Binance, with court prohibitions against holding any operational position at the company. A Trump pardon would not erase his previous conviction from the records but might create a path for Zhao to someday reclaim a managerial position at Binance.US. These legal risks extend well beyond just Zhao himself, and are currently affecting Binance’s regulatory standing while the exchange continues to operate under new leadership.

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Zhao’s Activities After Conviction

Since his release, Zhao has been focusing on various advisory roles in countries such as Pakistan and also Kyrgyzstan, where he provides guidance on crypto regulation and blockchain implementation. These international engagements show that Zhao’s influence in the industry continues despite his legal troubles in the United States. The Zhao-Trump pardon application highlights the ongoing tension between cryptocurrency businesses and regulatory authorities around the world.

Industry Regulatory Impact

The $4.3 billion penalty stands as a serious warning to other exchanges that are operating globally. Crypto regulation fears have intensified following this conviction, with many industry participants concerned about increased scrutiny from authorities. The Binance legal risks serve as an important cautionary tale for cryptocurrency exchanges that are trying to navigate the complex regulatory environments that govern their operations.

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Future Outlook

Of course, Zhao has recently said that he does not plan to attempt to regain his position as the head of Binance, but his position as a major shareholder of the company’s parent organization remains rather substantial. Depending on the ruling that Zhao receives in the Trump pardon application there could be some severe repercussions on his personal life as well as the business line of Binance. Trump and his advisors are now expected to make some decision on the matter that could establish certain benchmarks for how the cryptocurrency luminaries would handle those regulatory issues and pressures in the future while continuing to run their companies.

  • binance
  • Changpeng Zhao
  • Donald Trump