Former Binance CEO Changpeng “CZ” Zhao has publicly denied claims that he is seeking a deal with the Trump administration to secure a presidential pardon or regain influence at Binance.US.
Following a March 13 report by The Wall Street Journal, which suggested CZ had been exploring avenues to re-enter Binance’s operations, Zhao took to X to dismiss the allegations.
He called the report misleading and politically motivated, arguing that it was designed to target both Trump and the broader crypto industry.
CZ Pushes Back, “No Discussions, No Pardon Requests”
In response to the WSJ report, CZ issued a strong denial, stating:
“No felon would mind a pardon, especially being the only one in US history who was ever sentenced to prison for a single BSA [Bank Secrecy Act] charge. Feels like the article is motivated as an attack on the President and crypto, and the residual forces of the ‘war on crypto’ from the last administration are still at work.”
He also refuted claims that he was in talks with Trump’s inner circle to facilitate a business deal between Binance.US and the Trump family. Zhao emphasized that no such discussions had occurred, countering the suggestion that he was leveraging political influence to reassert control over the exchange.
What’s Behind These Allegations?
The Wall Street Journal report is pivotal for both CZ and the broader crypto industry. Zhao, who stepped down as Binance CEO in November 2023, pleaded guilty to violating the U.S. Bank Secrecy Act (BSA) and agreed to pay a $50 million fine.
Binance settled for a staggering $4.3 billion with U.S. regulators, marking one of the largest enforcement actions against a crypto exchange.
Despite his legal troubles, CZ remains a highly influential figure in crypto, and speculation about his future role in the industry continues. The WSJ report suggested that Zhao could attempt a return to Binance in some capacity, particularly if a Trump administration provided regulatory leniency.
A Growing Political Debate
Crypto has become an increasingly important topic in U.S. politics, with Trump previously signaling openness to digital assets. However, the Biden administration’s regulatory crackdown on crypto firms, led by former SEC Chair Gary Gensler, has created tensions between policymakers and the industry.
CZ’s framing of the WSJ report as an attack on both Trump and crypto suggests that he sees a broader political battle at play—one where crypto’s future in the U.S. could depend on the outcome of the 2024 election.
What’s Next for Binance and CZ?
While CZ is set to serve his sentence later this year, Binance continues to navigate regulatory uncertainty. The exchange remains operational but has faced challenges in multiple jurisdictions, leading to leadership changes and strategic shifts.
As for Zhao, his legal constraints prevent him from holding an official role at Binance, but his influence in the crypto world remains undeniable. Whether he eventually makes a comeback—or remains sidelined—will likely depend on how regulators, and possibly the next U.S. administration, shape the future of crypto policy.
For now, CZ has made it clear: he’s not negotiating deals, and he’s not asking for a pardon. But the battle over crypto’s future is far from over.
