- CZ has been away from Binance since having pled guilty in BSA breach in 2023
- President Trump’s statement on CZ’s pardon remains awaited for now
- Senator Elizabeth Warren has criticised President Trump’s move
Binance founder Changpeng Zhao has confirmed being pardoned for having breached the U.S. Bank Secrecy Act (BSA) around 2023. U.S. President Donald Trump granted CZ a pardon in the case on Thursday, October 23 reacting to which the 48-year-old crypto mogul said he was “deeply grateful”.
Addressing the development CZ said, “Deeply grateful for today’s pardon and to President Trump for upholding America’s commitment to fairness, innovation, and justice. Will do everything we can to help make America the Capital of Crypto and advance web3 worldwide.”
Back in 2023, Zhao had had pleaded guilty for violating the U.S. Bank Secrecy Act (BSA) while he was serving as the CEO of Binance, touted as the largest crypto exchange in the world.
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While Zhao had paid a penalty of $50 million at the time, Binance had also shelled out $4.3 billion as a settlement fine. CZ not only had to step down from his role as the exchange’s CEO owing to this case, but also completed a a four-month prison sentence in 2024.
Now that he has been pardoned in the case, it remains unclear if CZ would resume active involvement in Binance’s day-to-day working. He is, after all, the largest stake holder of the exchange.
Richard Teng, who had succeeded CZ as Binance CEO in 2023, chimed in with CZ to mark the development.
“The spectacular news of CZ’s pardon is a moment to reflect – not just on his individual journey – but on how far the crypto industry has come,” Teng said. “CZ’s belief in the power of crypto and user empowerment laid the foundation for so much of what exists today.”
CZ had petitioned President Trump for a pardon plea in May this year.
Many from the crypto circle have now joined Teng in congratulating CZ on the update, including billionaire Peter Schiff who has challenged CZ to a gold vs BTC debate.
Others, meanwhile, have raised questions if pardoning crypto-related criminals is going to become a norm under President Trump, who aims to transform the U.S. into the crypto capital of the planet.
Senator Elizabeth Warren joined the critics on this development.
Piggybacking on the ongoing hype, the BNB token has registered nearly six percent surge in its pricing in the last few hours. Its presently trading at $1,126, as per CoinMarketCap.
