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Binance's CEO, Changpeng Zhao, acknowledges filing an application for a presidential pardon on behalf of former U.S. President Donald Trump.

Binance's Founder Points to Trump's BitMEX Pardons as Precedent, Highlighting His Unique Position as the Only BSA Offender Sentenced to Prison for Such Crimes.

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Binance's founder points out Trump's BitMEX pardons as a similar instance, emphasizing his...
Binance's founder points out Trump's BitMEX pardons as a similar instance, emphasizing his distinctive position as the only individual sentenced to prison for breaking Bank Secrecy Act (BSA), despite violations.

Binance's CEO, Changpeng Zhao, acknowledges filing an application for a presidential pardon on behalf of former U.S. President Donald Trump.

CZ's Pardon Pursuit: Straight from the Horse's Mouth

Changpeng Zhao, the one-time CEO of Binance, has spilled the beans about his presidential pardon application during a chat on Farokh Radio's podcast. While he's no longer aiming to take the helm at the world's biggest crypto exchange again, he's hopeful a pardon could lift the restrictions imposed following his conviction.

The Great Pardon Application

CZ revealed that his legal team submitted the application around two weeks ago, responding to news reports in March from Bloomberg and The Wall Street Journal. The news outlets had accused him of seeking clemency in connection with crypto ventures tied to the Trump family, allegations he had initially dismissed.

"If they're writing this article, we might as well officially apply," Zhao shrugged, referencing the media reports.

Zhao faced charges related to Bank Secrecy Act violations in late 2023, leading to a sentence of four months behind bars, a $50 million personal fine, and a ban on working at Binance or managing any role at Binance.US, the company's American subsidiary. A presidential pardon, he believes, could allow him to return to a management or operational position at Binance.US, as it wouldn't erase his conviction but could lift the imposed restrictions.

Binance without CZ?

Though he's seeking a pardon, Zhao doesn't have his heart set on returning to the top job at Binance. "I'm not really looking to become CEO of Binance again," he admitted, despite still being the exchange's largest shareholder.

Since serving his sentence, Zhao has kept busy with advisory roles abroad. In Pakistan, he supports the crypto council's policy and infrastructure planning, and in Kyrgyzstan, he's signed an MOU with the National Investment Agency to assist with Web3 initiatives and digital finance development.

The Business Tango

The timing of CZ's pardon application coincides with reported business dealings between the Trump family and Binance.Specifically, Eric Trump announced a joint venture involving the Trump family's crypto firm, World Liberty Financial (WLF), Binance, and MGX, an UAE-based venture firm. Under this deal, WLF's stablecoins would be used to invest $2 billion in Binance, potentially generating significant returns for the Trump family's business. Though CZ denies any connection between his pardon request and these dealings, the crypto industry is keeping a close eye on developments.

In a Nutshell

| Action/Event | Details ||-------------|---------|| Conviction | Pleaded guilty to Bank Secrecy Act violation; fined $50M, 4 months in prison || Restrictions | Banned from working at Binance or Binance.US in management or operational roles || Pardon Application | Submitted after media reports, citing Trump’s pardon of BitMEX founders as motivation || Implications of Pardon | Could allow return to management/operational role at Binance.US, does not erase conviction || Business Developments | Joint venture reported between Trump’s WLF, Binance, and UAE’s MGX |

The Big Picture

As we wait to see if CZ's pardon application bears fruit, he seems poised to stay active in the crypto space, potentially finding a new way to contribute to Binance's US operations, should he receive the pardon. The complex regulatory landscape surrounding cryptocurrency exchanges continues to make headlines, and the story of CZ's pardon pursuit serves as a fascinating glimpse into the broader world of crypto and politics.

  1. Changpeng Zhao, also known as CZ, has applied for a presidential pardon in relation to his conviction for Bank Secrecy Act violations in late 2023.
  2. The pardon application was made amidst reports by news outlets such as Bloomberg and The Wall Street Journal, accusing him of seeking clemency in connection with crypto ventures tied to the Trump family.
  3. In the web3 realm, Zhao has been involved in advising oncrypto policy and infrastructure planning in Pakistan and has signed an MOU with the National Investment Agency in Kyrgyzstan to assist with Web3 initiatives and digital finance development.
  4. Although Zhao is hoping for a pardon, he has clarified that he's not aiming to return to the position of CEO at Binance.
  5. The proposed business dealings between the Trump family's crypto firm, World Liberty Financial (WLF), Binance, and MGX, an UAE-based venture firm, have attracted attention in the crypto market in connection with CZ's pardon application.

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