CZ Confirms Presidential Pardon Request After Denying Media Reports

Changpeng Zhao, better known as CZ and the founder of Binance, has confirmed he applied for a presidential pardon from Donald Trump—weeks after denying reports that he was doing so. Zhao made the comments during a May 6 episode of the Farokh Radio podcast.

Good to know

• Zhao pleaded guilty to money laundering in 2023 and was sentenced to four months in prison.
• He stepped down as Binance CEO and cannot hold a role at Binance.US under current restrictions.
• A pardon would not erase the conviction but may let him return to management.

Zhao said his lawyers filed the application roughly two weeks ago, shortly after major outlets like Bloomberg and The Wall Street Journal reported that he was seeking a pardon in connection with a possible business link between the Trump family and Binance.US.

He denied those reports at the time but has since changed course. “I got lawyers applying,” Zhao said on the podcast. “If they’re writing this article, I may as well just officially apply.”

He also noted that Trump’s previous decision to pardon three BitMEX executives, including Arthur Hayes, played a role in his decision to go ahead with the request.

Zhao pleaded guilty in November 2023 as part of a settlement between Binance and U.S. authorities. The deal included a $4.3 billion fine, of which Zhao personally paid $50 million. As part of the agreement, he stepped down from his role as CEO and accepted a prison sentence.

At the time of the earlier media reports, Zhao commented that “no felon would mind a pardon,” and said he believed he was the only person in U.S. history to serve time specifically for a violation of the Bank Secrecy Act.

According to the U.S. Department of Justice, a presidential pardon would not remove the conviction from Zhao’s record. However, it could open the door for him to return to an executive position at Binance.US or elsewhere in the crypto space.