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

Binance’s BNB Chain has experienced a significant resurgence following a period of stagnation in 2023, driven by increased institutional interest and a surge in decentralized finance (DeFi) activity.

Over the past year, BNB Chain has benefited from substantial inflows into DeFi platforms, the emergence of U.S. exchange-traded funds (ETFs), and heightened trading volumes on Binance, its affiliated centralized exchange. These factors have contributed to the BNB token’s robust performance, with prices reaching new all-time highs in the first quarter of 2025, even as the broader cryptocurrency market faced downward pressure.

Joao Wedson, CEO of investing analytics platform Alphractal, noted, “This resilience isn’t just about price action — strong fundamentals also back it. Binance has built a massive ecosystem where BNB is used extensively.”

As of May 7, BNB is trading at approximately $600 per coin, boasting a market capitalization nearing $85 billion. Asset manager Standard Chartered projects the token’s price could climb to $2,775 by the end of 2028. Further signaling growing institutional interest, asset manager VanEck proposed the first BNB ETF in the United States on May 5.

Since early 2024, BNB Chain’s total value locked (TVL) has risen from around $3.5 billion to over $6 billion, according to DeFiLlama. Although this figure remains below its 2022 peak of more than $20 billion, BNB Chain currently ranks fourth among layer-1 blockchain networks by TVL.

Standard Chartered highlighted that BNB Chain’s use cases are predominantly centered on decentralized exchanges (DEXs), lending protocols, and liquid staking, describing it as a “more concentrated and ‘old-fashioned’ smart contract platform” compared to its rivals. While this concentration may limit upside potential, it also provides a degree of stability.

Institutional adoption of BNB Chain is on the rise, partly due to its close ties with Binance. In 2024, Binance achieved an all-time high trading volume of around $76 trillion, accounting for roughly 40% of global spot trading volumes.
Cointelegraph

Additionally, the USD1 stablecoin, backed by U.S. President Donald Trump, has been primarily issued on BNB Chain. Data from BscScan indicates that over $2 billion worth of USD1—representing 99% of its circulating supply—has been issued on the network.

BNB Chain’s recent momentum underscores its growing role in the evolving landscape of institutional finance and DeFi, positioning it as a significant player in the blockchain ecosystem.

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