Speculation is growing among cryptocurrency enthusiasts that former Binance CEO Changpeng “CZ” Zhao might be nearing a pardon from US President Donald Trump, following an update to his social media profile.
The probability of Zhao receiving a pardon from Trump on the prediction platform Polymarket reached a peak of 64% on Saturday, but has since fallen to 45% as of this publication.
Several users pointed out on Wednesday that Zhao had dropped the “ex-@binance” label he added in 2023 after resigning under a US plea deal, indicating he might be reconnecting with the exchange he founded in 2017.
A presidential pardon could enable CZ to return to a managerial position at Binance—something the exchange indicated was not an option as part of the agreement with US authorities.
Following his resignation in November 2023, Zhao stated he had “no intentions of returning to the CEO role.” Nonetheless, in May, he confirmed that he had instructed his lawyers to seek a pardon from Trump.
Trump has granted pardons to Silk Road founder Ross Ulbricht and BitMEX co-founders Arthur Hayes, Benjamin Delo, and Samuel Reed.
Cointelegraph reached out to a Binance spokesperson for comment, but had not received a response by the time of publication.
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Lawmakers Still Assessing Binance Deal
Zhao served four months in prison in 2024 after pleading guilty to a money laundering charge due to inadequate Anti-Money Laundering measures at Binance.
The exchange has agreed to pay $4.3 billion as part of the agreement with US authorities, and Richard Teng has been serving as CEO since Zhao’s exit.
In addition to the financial penalties, Binance’s global operations are subject to three years of compliance monitoring. However, some US lawmakers have expressed concerns over reports of meetings between Binance executives and Treasury Department officials, questioning whether they may be attempting to modify the 2023 agreement.
“Since May, President Trump and his family have enhanced their financial connections to Binance through their company, World Liberty Financial, and just this week, reports surfaced that Binance may be ‘moving toward a potential deal with the US Justice Department that would enable it to bypass’ its external compliance monitor—a ‘critical oversight requirement in its $4.3 billion settlement’ with the federal government,” noted three Democratic senators in a letter to US Attorney General Pam Bondi on Wednesday.
Senator Elizabeth Warren, who also signed the letter, expressed concerns about Zhao’s alleged “financial connections with the President’s family” amid reports of a pardon in May. As of Thursday, the US president had not publicly commented on any deal.
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