Source: Cointelegraph Original: "{title}"
Former Binance CEO Changpeng Zhao (CZ) denied several claims in a Wall Street Journal report that stated he had been actively seeking a federal pardon from President Trump.
In a post on the X platform following the report's release on March 13, Zhao stated that he had not been involved in any discussions regarding business dealings between the Trump family and Binance.US. He further denied claims that he hoped to receive a presidential pardon from Trump, as this could allow him to hold an operational or managerial position at Binance.
"No serious criminal would mind receiving a pardon, especially since I am the only person in U.S. history to be sentenced to prison solely for a violation of the Bank Secrecy Act (BSA)," Zhao said. "It feels like the motivation behind this article is to attack the president and the crypto industry, as remnants of the previous administration's 'crypto war' continue to stir trouble."
Zhao's statement regarding the March 13 Wall Street Journal report. Source: Changpeng Zhao
In November 2023, Binance reached an agreement with U.S. authorities that required Binance to pay $4.3 billion, and Zhao had to plead guilty to a charge of violating the Bank Secrecy Act, due to Binance's failure to maintain effective anti-money laundering procedures on its trading platform. Zhao resigned as CEO and was subsequently sentenced to four months in prison, and it was reported that as part of the agreement, he was permanently banned from operating or managing Binance.
What could a presidential pardon bring to Zhao?
Zhao has already completed his sentence, and even if he sought any potential pardon from Trump, it would not eliminate the felony charges against the former CEO. However, according to the U.S. Department of Justice, a pardon would "help eliminate the legal restrictions imposed by the conviction" — for example, potentially lifting any restrictions on Zhao's involvement in the crypto industry.
The agreement reached with Binance in 2023 did not resolve the civil case against the cryptocurrency trading platform by the U.S. Securities and Exchange Commission (SEC). However, after former SEC Chairman Gary Gensler left and Commissioner Mark Uyeda was appointed as acting chairman, the agency requested a 60-day pause in litigation from the court.
Since Trump took office in January, the SEC has dropped several investigations and enforcement actions against multiple large crypto companies, including those that had donated to his campaign or inauguration fund.
In addition to pausing the Binance case, the SEC may also be considering ending its civil lawsuit against Ripple Labs.
Related: Vermont Follows SEC's Lead, Drops Staking Lawsuit Against Coinbase
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