Former Binance CEO Changpeng Zhao, popularly known as CZ, was thrust back into the spotlight about 2 weeks ago.
This was courtesy of the recent presidential pardon that he received from Donald Trump. President Trump’s pardon of Changpeng Zhao raised heavy criticism.
CZ’s clean slate triggered a lot of buzz, with some critics speculating that the former Binance CEO may have signed some deals with the Trump family in exchange for leniency.
CZ addressed such rumors during a recent interview. He noted that the Presidential pardon caught him by surprise and that it was completely unexpected.
He did, however, note that his lawyers filed a petition as far back as April.
CZ also stated that he did not have any business relationship with World Liberty Finance or the Trump family.
The former Binance chief’s statement reiterated President Trump’s previous statements.
Donald Trump Crypto market
President Donald Trump previously noted that he pardoned CZ as part of its efforts to undo the previous administration’s wrongs or injustices against the former crypto exec.
Both Trump and the former Binance chief maintained that they had never met or spoken to each other.
Despite those claims, CZ expressed interest in helping the U.S to achieve its commitment to becoming the crypto capital of the world.
The media probed Donald Trump over the pardon during a previous interview. Criticism over President Trump’s potential dealings with CZ was based on Binance’s involvement with World Liberty Financial.
The USD1 stablecoin was the common denominator between the two. Binance was reportedly involved in developing the smart contract architecture for the USD 1 stablecoin.
WLFI, which has been linked to the Trump family, reportedly owns about a 38% stake in the USD1 stablecoin.
Although both Trump and CZ distanced themselves from the allegations, this has not stopped critics from digging into collaborative engagements between Binance and WLFI.
Especially over potential insider activity, considering that Trump was recently accused of market manipulation.
WLFI’s involvement with USD1 in particular led to scrutiny over possible links to Binance aimed at profiting through the stablecoin.
Could There be a Grand Scheme Behind CZ’s Pardon?
CZ’s commitment to help the U.S in attaining crypto dominance was interpreted as a form of payback for being pardoned. This was despite claims that the pardon had no strings attached.
What’s even more interesting is the role that CZ will play now that he no longer holds any governance or managerial position in Binance.
However, the fact that he founded the Binance exchange may still give him influence over which direction the exchange takes.
CZ’s pardon reignited hopes that Binance Global may extend its services into the U.S market. This outcome would allow the exchange to offer a broader suite of services.
For context, Binance U.S offers limited access and is not allowed to provide derivatives services. Binance Global’s re-entry into the U.S market may also be beneficial for both parties.
For instance, the U.S might get closer to its goal of dominating the market with the biggest global exchange on its side rather than against it.
If Binance Global goes through with its push into the U.S, then chances are that it could be the right backdrop for CZ to make a leadership comeback.