In brief:
₿- Donald Trump pardoned Binance founder CZ after months of lobbying and political pressure.
₿- BNB price surged following the pardon, as investors anticipate Zhao’s return could restore confidence in Binance.
In a shocking move that has sent waves across the crypto world, President Donald Trump has officially pardoned Binance founder Changpeng “CZ” Zhao, just months after Zhao began serving a four-month prison sentence. The pardon follows months of lobbying and behind-the-scenes negotiations, reportedly tied to Zhao’s growing involvement in a new crypto venture linked to the Trump family.
A light sentence, a massive fine, and now a pardon
According to The Wall Street Journal, people familiar with the matter claim that Zhao had been actively supporting the Trump family’s digital asset company- an effort that may have played a significant role in the decision. Trump, who has recently embraced a more pro-crypto stance, was reportedly persuaded that Zhao’s prosecution was politically motivated and did not warrant felony charges or jail time.
Zhao pleaded guilty in November 2023 to failing to maintain an adequate anti-money laundering system at Binance. The plea led to his resignation as CEO, a $50 million personal fine, and a staggering $4.3 billion penalty for Binance, one of the largest corporate fines in U.S. history. While prosecutors sought a 36-month sentence, U.S. District Judge Richard Jones issued a much lighter four-month term in April 2024.
The White House reportedly intensified discussions about the pardon in October, with insiders describing the case against Zhao as “weak” and disproportionate to his actual wrongdoing. Financial journalist Charles Gasparino revealed that Trump had been “leaning toward a pardon,” despite warnings that it could raise questions about conflicts of interest, given the Trump family’s involvement in crypto ventures.
BNB price poised for a major rebound
The markets have already started reacting to the news. Binance Coin (BNB) surged in pre-market trading amid optimism that Zhao’s return could rejuvenate confidence in the exchange’s leadership and vision. Traders speculate that renewed public appearances and potential collaboration with Trump’s crypto initiatives could fuel further price growth.
As Trump’s pardon reignites debate over political influence in justice and finance, one thing is certain- the intersection between politics and crypto has never been more powerful. Investors now await to see whether CZ’s comeback will propel BNB to new heights.
Stay informed,
Rodcas Consulting Group