Cryptocurrency exchange Binance founder Changpeng Zhao asks for a pardon from President Trump, but denies doing business with Trump-owned cryptocurrency ventures

by Web Summit

Chanpeng Zhao, former CEO and co-founder of Binance, the world's largest cryptocurrency exchange, was sentenced to four months in prison in May 2024 for failing to take appropriate anti-money laundering measures. In response, Zhao has asked U.S. President Donald Trump for a pardon.

Exclusive | Trump Family Has Held Deal Talks With Binance Following Crypto Exchange's Guilty Plea - WSJ
https://www.wsj.com/finance/currencies/trump-family-has-held-deal-talks-with-binance-following-crypto-exchanges-guilty-plea-05b029fa

Trump could be a catalyst for a global pro-crypto shift, Binance CEO says
https://www.cnbc.com/2025/03/13/trump-could-be-a-catalyst-for-a-global-pro-crypto-shift-binance-ceo-says.html

Trump Crypto Venture Has Talked to Binance About Doing Business - Bloomberg
https://www.bloomberg.com/news/articles/2025-03-13/trump-crypto-venture-has-talked-to-binance-about-doing-business

In March 2023, the Commodity Futures Trading Commission (CFTC) indicted Binance and Zhao for illegal trading. In November 2023, Binance admitted to failing to take measures against money laundering and agreed to pay a total of $4.3 billion (approximately 680 billion yen) in fines for violating the Bank Secrecy Act. Zhao, who was also charged with similar crimes, also pleaded guilty and resigned as CEO of Binance.

The prosecution had sought a three-year prison sentence for Zhao, stating that 'the scope and impact of the defendant's illegal acts were enormous' and 'the sentence should reflect the significant damage to the national security of the United States caused by the defendant's criminal acts.' However, in May 2024, Zhao was sentenced to four months in prison for failing to take appropriate anti-money laundering measures.

Former Binance CEO Chanpong Zhao sentenced to four months in prison - GIGAZINE

After being released in September 2024, Zhao then traveled to Abu Dhabi in the United Arab Emirates (UAE) and sold part of his Binance shares to MGX, a UAE state-owned investor, for $2 billion (approximately 296 billion yen).

Furthermore, Trump, who will take office as president in January 2025, has previously claimed that 'I have a plan to make America the virtual currency capital and the world's Bitcoin superpower,' and measures to relax regulations on virtual currencies are expected to be taken. Taking this opportunity, Binance, which scaled back its business in the United States due to the lack of anti-money laundering measures and Zhao's prison sentence, is also seeking to return to the American market.

'I am the only person in American history to have been sentenced to prison for violating the Bank Secrecy Act. I can make cryptocurrency great in the United States and around the world,' Zhao said in his request for President Trump to pardon him.

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

Binance co-founder Yi He also suggested, 'Why not actually implement an amnesty? I'm sure good things would come out of it.'

Why not give it a try and apply? What if the amnesty actually happens?
Believe that good things will always happen. @realDonaldTrump https://t.co/qe9r8TRBDu

— Yi He (@heyibinance) March 13, 2025

In response to this, sources have reported that Binance is in talks to do business with World Liberty Financial, a cryptocurrency venture owned by President Trump. Some sources have pointed out that 'there is a possibility of doing business with World Liberty Financial in exchange for Zhao's pardon.' The White House and World Liberty Financial have not commented on this report, and Zhao said of the talks, 'I have not discussed with anyone about a deal between Binance and World Liberty Financial.' He criticized the Wall Street Journal and Bloomberg, which reported on the series of transactions, saying, 'They reported that it is unclear what stage the talks have reached and whether they will lead to any kind of deal or venture, and that the content of the discussions with Zhao is unknown,' and acknowledged that the entire article is a complete fantasy. Is this what 'correct news' looks like?'

4 x2 FUD, with a history????

So, Bloomberg was the “another media” in my earlier post????. They just published their baseless hit piece after WSJ, with statements:

“It's not clear what stage the discussions have reached or whether they'll result in any transactions or ventures”… https://t.co/xV1oFme0Vz

— CZ ???? BNB (@cz_binance) March 13, 2025