Binance News: 2 Reasons Trump Might Pardon CZ
According to reports, Binance’s Changpeng Zhao could be pardoned by Donald Trump as Cardano co-founder, and a crypto-economic builder joins the plea. Trump is known on record to have pardoned more...
- According to reports, Binance’s Changpeng Zhao could be pardoned by Donald Trump as Cardano co-founder, and a crypto-economic builder joins the plea.
- Trump is known on record to have pardoned more individuals than any other US president in modern times.
Binance founder Changpeng Zhao (CZ) was sentenced to four months in prison last year after pleading guilty to charges that he failed to maintain an effective anti-money laundering program. Also, he was made to step down as the CEO of the exchange and pay $200 million in fines. As part of a coordinated agreement with the Federal Government, Binance also agreed to pay $4 billion in fines and other penalties. As we reported, the exchange admitted to violating anti-money laundering rules, unlicensed money transmitting, and engaging in sanctions violations.
Will CZ Benefit From a Presidential Pardon?
According to reports, Cardano and IOHK founder Charles Hoskinson and crypto-economic builder and VC John Lilic have been supporting a plea that urges President-elect Donald Trump to pardon CZ. In his argument, Lilic explained that the leadership of the Binance founder is important for the crypto industry. However, he has been a victim of what is described as “lawfare.”
Delvin into this, we found that a presidential pardon is a legal act that enables the “POTUS” to forgive a person who has committed a federal crime. However, this does not completely clear individuals of crimes; it only removes legal consequences like fines or jail time.
Researching precedents, we discovered that Trump, in his previous term, granted pardons and reduced the sentence of individuals more than most modern presidents. According to PewResearch, over 70 pardons were granted by the end of his first term, with the likes of Steve Bannon and Elliott Broidy becoming beneficiaries. Also, more than 70 individuals had their sentences reduced.
More on the Possible Pardon of CZ
Looking more into the CZ and Trump connections, it was found that the Binance founder’s net worth skyrocketed by $12 billion after the US election. This implies that his net worth surged from $38 billion to $52.7 billion in just 24 hours.
The call for Trump to pardon CZ also comes as the incoming US president presented himself as a “friend” of the “crypto industry” and pledged to commute the sentence of Silk Road marketplace founder Ross Ulbricht. Additionally, he pledged to “kick out” the chairman of the US Securities and Exchange Commission (SEC), Gary Gensler, from office, establish a Bitcoin strategic reserve and make the US the crypto center of the world.
On this, Michael Dowling, professor of finance at the Dublin City University Business School, commented that:
There has been such a parade of undesirables in the crypto and DeFi world that adding Trump to the list couldn’t possibly push the needle on popularity or enthusiasm. Bear in mind these markets, the original crypto markets, got their start by facilitating drug trafficking.
Earlier, crypto advocate Max Keiser disclosed that the founder of the infamous FTX exchange, Sam Bankman-Fried (SBF), would get a presidential pardon. According to him, CZ would rather be incriminated. Meanwhile, crypto pundits have argued over the past few months that CZ has been unfairly targeted by regulators.
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This article is provided for informational purposes only and is not intended as investment advice. The content does not constitute a recommendation to buy, sell, or hold any securities or financial instruments. Readers should conduct their own research and consult with financial advisors before making investment decisions. The information presented may not be current and could become outdated.
John is a seasoned cryptocurrency and blockchain writer and researcher, boasting an extensive track record of years immersed in the ever-evolving digital frontier. With a profound interest in the dynamic landscape of emerging startups, tokens, and the intricate interplay of demand and supply within the crypto realm, John brings a wealth of knowledge to the table. His academic background is marked by a Bachelor's degree in Geography and Economics, a unique blend that has equipped him with a multifaceted perspective. This diverse educational foundation allows John to dissect the geographical and economic factors influencing the cryptocurrency market, offering insights that go beyond the surface. John's dedication to the crypto and blockchain space is not merely professional but also personal, as he possesses a genuine passion for the technologies that underpin this revolutionary industry. With his astute research skills and commitment to staying at the forefront of industry trends, John is a trusted voice in the world of cryptocurrencies, helping readers navigate the complex and rapidly changing terrain of digital assets and blockchain innovation. John Kiguru is an accomplished editor with a strong affinity for all things blockchain and crypto. Leveraging his editorial expertise, he brings clarity and coherence to complex topics within the decentralized technology sphere. With a meticulous approach, John refines and enhances content, ensuring that each piece resonates with the audience. John earned his Bachelor's degree in Business, Management, Marketing, and Related Support Services from the University of Nairobi. His academic background enriches his ability to grasp and communicate intricate concepts within the blockchain and cryptocurrency space. Business Email: [email protected] Phone: +49 160 92211628
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