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US President Donald Trump said he pardoned Binance founder Changpeng “CZ” Zhao after he lobbied and was supported by “a lot of people” who told him he was not guilty.
On Wednesday, the CZ and Binance pardon was signed confirmed the presidential order Cointelegraph in a statement.
During Thursday’s press conference, Trump he said decided to pardon the founder of Binance because he was “recommended by many people”, had a lot of support and “people say he did nothing wrong”.
“I don’t know him, I don’t believe I ever met him, but I was told he had a lot of support and they said what he did wasn’t even a crime, it wasn’t a crime, he was persecuted by the Biden administration.”
Activities of former administrations under scrutiny
Zhao received a four-month prison sentence after pleading guilty to one count of violating the US Bank Secrecy Act for failing to maintain an effective anti-money laundering program at Binance.
Czech cryptolawyer Teresa Goody Guillén on Thursday he said clemency was proper because her client had “the only allegation of not having an effective compliance program. NO fraud, NO victims, NO criminal history. NO money laundering.”
“CZ is the first and only known first-time offender in US history to receive a prison term for this single non-fraud-related charge,” she said.
“The judge found NO evidence that he knew of any illegal transactions and that it was reasonable to believe that there were no illegal funds on the platform.”
CZ ready to return to work
After CZ was pardoned, X took a he said he was “deeply grateful” and would do “whatever we can to help make America the cryptocurrency capital and push Web3 around the world.”
As part of his negotiations with the authorities, CZ was forced to resign as CEO of Binance and banned from working on the exchange. A pardon could allow him to rejoin Binance.
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