Binance Founder CZ is Pardoned by Trump, White House Responds to "Whether It Is a Case of Quid Pro Quo"
According to Bloomberg, on October 23 local time, US President Trump has pardoned CZ, the co-founder of Binance. This is one of the most significant measures taken by Trump to embrace the cryptocurrency industry and provide legal pardons for some prominent figures in the field.
On that day, Trump told the media that CZ had been "persecuted" by the Biden administration, and added that he "had never met CZ," "many people said he had not committed any wrongdoing, and at the request of many influential people, I pardoned him." After the news came out, the price of BNB, the token associated with Binance, rose sharply on the same day.
CZ posted on X website: "Sincerely thank you for today's pardon. Thank you, President Trump, for upholding America's commitment to fairness, innovation, and justice. We will do our utmost to help America become the 'Capital of Cryptocurrency.'"
When asked whether this pardon was a case of quid pro quo, White House spokesperson Levitt said on the 23rd that the White House lawyers have "conducted very thorough reviews" for each pardon.
The report pointed out that this move is another act of clemency granted by Trump to cryptocurrency entrepreneurs recently. It highlights the stance of the Trump administration positioning itself as a "friend of cryptocurrency" and also exposes the fact that the Trump family has benefited from it. Binance helped a company owned by the Trump family launch a stablecoin, which could bring millions of dollars in annual revenue to the family.
Previously, Trump had used presidential power to revoke multiple charges, which were core elements of the Biden administration's cryptocurrency enforcement agenda. He pardoned the founder of "Silk Road," Ross Ulbricht, who was sentenced to life imprisonment for enabling criminal activities on the dark web, and also pardoned several founders of the cryptocurrency exchange BitMEX.
CZ founded Binance in 2017, and the exchange later became the largest cryptocurrency exchange in the world. In June 2023, the US Securities and Exchange Commission (SEC) filed 13 charges against Binance and CZ, including allegations of artificially inflating trading volume, misappropriating customer funds, failing to restrict American customers from using its platform, and misleading investors regarding its market supervision controls.
In November 2023, CZ reached a plea agreement with the US government, serving a four-month prison sentence to conclude the long-term investigation into Binance. Binance admitted to involvement in money laundering, unlicensed money transfers, and violations of sanctions, and agreed to pay a $4.3 billion fine.
CZ had previously served his sentence in the Lompoc Prison in California. After his release, he met with Witkoff, co-founder of "World Free Finance Company," who is now serving as Trump's special envoy for Middle East issues.
Original: www.toutiao.com/article/1846833872150666/
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