TLDR
- Binance founder Changpeng Zhao (CZ) has confirmed filing for a presidential pardon from Donald Trump for his money laundering conviction.
- CZ said he applied two weeks ago after Bloomberg and Wall Street Journal reported he was seeking a pardon.
- He was sentenced to four months in prison and fined $50 million as part of Binance’s $4.3 billion settlement with US authorities.
- Trump has previously pardoned crypto figures including Ross Ulbricht and three BitMEX co-founders.
- Despite seeking a pardon, CZ has stated he has no plans to return as Binance CEO.
Changpeng Zhao, founder and former CEO of cryptocurrency exchange Binance, has officially confirmed that he filed for a presidential pardon from Donald Trump. This confirmation comes after he initially denied reports about seeking clemency for his money laundering conviction.
During an appearance on the Farokh Radio podcast released on May 6, Zhao, commonly known as CZ, revealed that his lawyers submitted the pardon application approximately two weeks ago. “I got lawyers applying,” Zhao stated on the podcast.
The application followed March reports by Bloomberg and The Wall Street Journal that claimed Zhao was seeking a pardon amid business deal discussions between the Trump family and Binance.US. Zhao denied these reports at the time.
On the podcast, Zhao explained his change of position. “If they’re writing this article, I may as well just officially apply,” he said, referring to the news reports that prompted his decision.
Legal Background and Sentencing
Zhao pleaded guilty to money laundering charges in November 2023 as part of a settlement between Binance and US authorities. The deal included a massive $4.3 billion fine for the company.
As part of his personal plea agreement, Zhao was fined $50 million, sentenced to four months in prison, and prohibited from working at Binance. He was released from prison in September 2024.
During the podcast, Zhao claimed he is “the only one in U.S. history who was ever sentenced to prison for a single BSA [Bank Secrecy Act] charge.” This unique position appears to have factored into his decision to seek clemency.
Another motivation for his pardon request was Trump’s recent clemency actions for other crypto industry figures. Trump pardoned three BitMEX founders, including Arthur Hayes, which Zhao cited as influencing his application.
Future Plans
Despite seeking a pardon, Zhao has maintained that he has no intention of returning to his former role at Binance. “I’m not really looking to become CEO of Binance again,” he stated on the podcast.
Zhao remains the largest shareholder of Binance, which continues to be the world’s biggest cryptocurrency exchange. Since his release from prison, he has taken on advisory roles in Pakistan and Kyrgyzstan, assisting with crypto regulation and blockchain implementation.
According to the US Department of Justice, a presidential pardon would not erase Zhao’s conviction. However, it could potentially allow him to take on a management or operational role at Binance.US, which he is currently barred from doing.
The pardon request from Zhao adds to a growing list of cryptocurrency figures receiving clemency from President Trump. In January, Trump pardoned Ross Ulbricht, creator of the Silk Road marketplace that was linked to Bitcoin’s early history.
In March, Trump extended pardons to three co-founders of BitMEX cryptocurrency exchange. These actions have been viewed by many as reflecting the administration’s generally favorable stance toward the cryptocurrency industry.
Zhao’s case has drawn attention as one of the highest-profile legal actions against a cryptocurrency executive. The Binance settlement, at $4.3 billion, represented one of the largest corporate settlements on record with US authorities.
The former Binance CEO’s journey from denying pardon reports to actively pursuing clemency illustrates the complex legal aftermath that continues to follow his case, even after serving his prison sentence.
Stay Ahead of the Market with Benzinga Pro!
Want to trade like a pro? Benzinga Pro gives you the edge you need in today's fast-paced markets. Get real-time news, exclusive insights, and powerful tools trusted by professional traders:
- Breaking market-moving stories before they hit mainstream media
- Live audio squawk for hands-free market updates
- Advanced stock scanner to spot promising trades
- Expert trade ideas and on-demand support
