A significant development in the cryptocurrency world has emerged, with reports indicating that former U.S. President Donald Trump has pardoned Changpeng "CZ" Zhao, the founder of the global crypto exchange Binance, a move that could dramatically alter the trajectory of his legal future.
CZ's Legal Challenges and Conviction
Zhao's legal troubles stemmed from his admission in November 2023 to charges of failing to implement an adequate Anti-Money Laundering (AML) program at Binance, a violation of the Bank Secrecy Act. This plea agreement led to his resignation as CEO of the prominent cryptocurrency exchange. Following this, in April 2024, CZ was sentenced to a four-month prison term in the U.S., from which he was reportedly released in September of the same year.
The Presidential Pardon
According to The Wall Street Journal, citing sources close to the matter, President Trump signed the pardon for Zhao on a recent Wednesday. While this news has sent ripples through the crypto community, official details have yet to be published on the White House website or in the Federal Register, where presidential pardons are typically announced. This high-profile pardon comes after months of reported lobbying and appeals from Binance and Zhao's legal team.
