Changpeng Zhao, the founder of the cryptocurrency exchange Binance, is known not only for his contributions to the crypto world but also for his legal troubles. Recently, he confirmed that he has applied for a pardon from former U.S. President Donald Trump.
Context of the Pardon Application
Changpeng Zhao, also known as CZ, stated in a recent interview on Farokh Radio that his lawyers have submitted the paperwork for a pardon. "I wouldn’t mind a pardon," he noted. The application was filed following reports about a potential business deal between the Trump family and Binance.US.
Details of Changpeng Zhao's Case
In November 2023, Zhao pleaded guilty to a money laundering charge as part of a deal between Binance and U.S. authorities, which resulted in the exchange paying a $4.3 billion fine. Zhao contributed $50 million to this amount and was sentenced to four months in prison, in addition to being forced to step down as CEO of the exchange.
Zhao's Future Plans in the Crypto Industry
While Zhao remains a shareholder in Binance, he has stated that he has no plans to return to the CEO position. "I feel the team is doing well and doesn't need me back," he remarked at Blockchain Week in November. After his release from prison, he has begun advisory roles in countries such as Pakistan and Kyrgyzstan, assisting with crypto regulation and blockchain solutions.
The story of Changpeng Zhao and his request for a pardon highlights the complexities and legal challenges faced by figures in the crypto industry. His future in this field remains uncertain, but his insights and experience in blockchain continue to be relevant.
