Changpeng Zhao, the founder and former CEO of Binance, has confirmed that he has formally requested a presidential pardon from U.S. President Donald Trump for his 2023 money laundering conviction. This acknowledgment comes after Zhao previously denied reports suggesting he was seeking such clemency.
In a recent episode of the Farokh Radio podcast aired on May 6, Zhao stated, “I got lawyers applying,” indicating that his legal team submitted the pardon application approximately two weeks prior. He mentioned that initial media reports by Bloomberg and The Wall Street Journal in March prompted him to proceed with the official request, reasoning that if such reports were circulating, he might as well formalize the application.
Zhao’s motivation was further influenced by President Trump’s previous pardons of other cryptocurrency executives, notably the three co-founders of BitMEX, including Arthur Hayes. These individuals had pleaded guilty to violations of the Bank Secrecy Act (BSA) and received presidential pardons in March.
In November 2023, Zhao pleaded guilty to a single count of violating the BSA as part of a settlement with U.S. authorities. This agreement required Binance to pay a $4.3 billion fine, with Zhao personally contributing $50 million. He was sentenced to four months in prison and barred from holding any managerial or operational role at Binance.
While a presidential pardon would not expunge Zhao’s conviction, it could potentially alleviate certain legal restrictions, possibly allowing him to re-engage with Binance.US in a leadership capacity. However, Zhao has indicated he has no intention of returning as CEO, expressing confidence in the current leadership team.
Since his release, Zhao has been active in advisory roles, assisting governments in Pakistan and Kyrgyzstan on cryptocurrency regulation and blockchain implementation.
The confirmation of Zhao’s pardon request adds a new dimension to the ongoing discourse surrounding regulatory oversight and the intersection of politics and the cryptocurrency industry
