US President Donald Trump is considering pardoning Binance founder Changpeng Zhao (CZ), according to a Fox Business report. Per Fox Business Senior Correspondent Charles Gasparino, discussions inside the White House are heating up on the possibility of a pardon for CZ. The Binance Founder confirmed he requested a pardon from Trump back in May.
“Changpeng Zhao, known in the digital space simply as CZ, was pretty weak, and certainly not something that merited a felony conviction and jail time,” Gasparino says in an X post about CZ’s sentencing. “Trump, these people say, is leaning toward a pardon, which could set the stage for CZ’s return to the crypto exchange since he remains Binance’s largest shareholder.” The Fox insider went on to say that there is a divide on the potential decision due to the optics of Trump’s favoring of crypto. However, the “decision is said to be soon.”
CZ To Receive a Pardon from Trump?
Zhao and the exchange were at the center of a groundbreaking criminal charge from the US Department of Justice in late 2023. He was the CEO of the firm at the time as it pleaded guilty to its role in anti-money laundering violations that led to a $4 billion fine and a four-month prison sentence for the executive. Trump has not been shy to pardon many from the crypto industry, including BitMEX cryptocurrency exchange founders. Therefore, it wouldn’t be shocking if Zhao were to receive the same treatment.
Notably, Zhao and Binance have had a great year. The Binance BNB coin is trading at an ATH level, while CZ’s net worth recently rose to $87 billion. BNB has been making bullish jumps over the last few months. The surge could be due to the Binance Smart Chain experiencing a surge in activity. DeFi apps, NFT activity, and daily users on Binance have seen substantial increases. Further, all gas fees are paid using BNB, leading to a price surge for the native token.
If CZ were to receive a pardon from Donald Trump, it could be a further catalyst for the BNB cryptocurrency to skyrocket further and outperform BTC and other top coins.