14-3-2025 – Former Binance chief executive Changpeng Zhao has roundly dismissed allegations regarding his pursuit of presidential clemency from Donald Trump.
The controversy emerged following a Wall Street Journal exposé that suggested the cryptocurrency mogul, widely known as “CZ”, had explored avenues for potential reinstatement in the industry through presidential intervention. Taking to social media platform X, Zhao categorically refuted claims of any discussions involving Trump family business arrangements with Binance’s American operations.
The backdrop to this saga stems from a watershed $4.3 billion settlement with American authorities last November, wherein Zhao admitted culpability for Bank Secrecy Act violations. This unprecedented case led to a four-month prison sentence and his subsequent departure from the helm of the world’s largest cryptocurrency exchange.
Industry analysts note that whilst presidential pardons typically eliminate certain legal impediments, the binding nature of Binance’s settlement agreement might persist regardless of any executive clemency. The permanent injunction barring Zhao from Binance operations would likely remain steadfast, according to legal specialists.
Intriguingly, the cryptocurrency landscape has witnessed notable shifts since the change in American leadership. The Securities and Exchange Commission has reportedly tempered its enforcement actions against major digital currency firms, particularly those with connections to the current administration’s support base.
A telling example manifests in the SEC’s request for a two-month pause in its Binance proceedings, coinciding with leadership changes at the regulatory body. Similarly, the protracted legal battle with Ripple Labs appears to be approaching resolution, potentially heralding a more accommodating regulatory environment.
Despite his forced exit, Zhao maintains significant influence in cryptocurrency circles, though his professional latitude remains constrained. His social media presence suggests ongoing engagement with digital currency developments, albeit from a distance.
4. Sorry to disappoint. The WSJ article got the facts wrong.
More than 20 people have told me they were asked by the WSJ (and another media), “Can you confirm that CZ made some deal for a pardon?”
They probably asked hundreds of people to have 20 people reach out to me. In… https://t.co/ELyDPmKD3G
— CZ 🔶 BNB (@cz_binance) March 13, 2025