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

Robinhood Plans Blockchain Platform to Enable European Trading of U.S. Securities

Robinhood is reportedly developing a blockchain-based platform aimed at allowing European retail investors to trade tokenized U.S. securities, such as stocks. This initiative is part of the company’s strategy to expand its presence in the European market.

The fintech firm has secured a brokerage license in Lithuania, facilitating its operations across the European Union. The planned platform would tokenize real-world assets, enabling more efficient and accessible trading for investors.

Robinhood is considering partnerships with blockchain networks like Arbitrum and the Solana Foundation to support this project. Tokenizing securities can offer advantages such as reduced costs, enhanced accessibility, and faster settlement times.

This move aligns with Robinhood’s broader efforts to innovate in the financial sector, following its acquisition of crypto exchange Bitstamp in 2024. The company aims to leverage blockchain technology to streamline trading processes and expand its global reach

Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has successfully restored its liquidity to levels seen before the massive $1.5 billion hack that occurred in February 2025. According to a report by crypto analytics firm Kaiko, Bitcoin’s 1% market depth on Bybit rebounded to approximately $13 million per day in March, indicating a full recovery in BTC liquidity.

While altcoin liquidity on the platform has been slower to recover, it has reached around 80% of its pre-hack levels. Kaiko attributes this lag to a broader risk-off sentiment in the market, which has impacted altcoins more severely than Bitcoin.

The February 21 breach was the largest crypto exchange hack to date, resulting in the theft of approximately $1.5 billion in funds. A post-mortem revealed that the attack stemmed from a compromised device belonging to a developer at SafeWallet, the firm responsible for Bybit’s multi-signature wallet custody solution.

In response to the incident, Bybit maintained open withdrawals, allowing users to access their funds with minimal delays. CEO Ben Zhou assured investors of the exchange’s solvency, stating that the company’s reserves could cover the shortfall regardless of whether the stolen funds were recovered. The crypto community rallied behind Bybit, with several competitors providing bridge loans, technical assistance, and freezing the stolen funds on their platforms.

Despite the recovery in liquidity, Bybit’s overall trading volumes remain in a state of recovery, reflecting broader market trends amid ongoing macroeconomic uncertainties.