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CZ Could Make A Binance Return
According to Fox correspondent Charles Gasparino on X, sources have revealed growing discussions in the White House for a potential pardon for the ex-Binance executive. Authorities believe the charges against Zhao were weak for the amount of punishment meted out.
Last year, Zhao pleaded guilty to money laundering charges and spent four months in jail in addition to other sanctions. At the moment, a pardon could be critical to his return to the company as he remains the largest shareholder. Recall that part of the deal was for Zhao to step down as Binance CEO, including the payment of a $4.3 billion fine.
“Many Trump insiders believe the fraud case against Changpeng Zhao, known in the digital space simply as CZ, was pretty weak and certainly not something that merited a felony charge and jail time. Trump, people close to CZ say, is leaning toward a pardon (consider the source), which could set the stage for CZ’s return to the crypto exchange since he remains Binance’s largest shareholder,” Gasparino wrote.
Zhao clarified on X that there was no fraud charge, and he is the only person with a single violation of the Bank Secrecy Act (BSA) to serve jail time.
 
The Biden administration came down hard on crypto executives and firms, citing market manipulation fears and the need to protect investors. Notably, the Gary Gensler-led Securities and Exchange Commission (SEC), alongside the Department of Justice (DOJ), filed multiple lawsuits against firms without clear regulations.
Critics noted that the regulation by enforcement strategy lowered sentiments among institutional investors, prompting them to move to other jurisdictions. In a twist, President Trump courted crypto voters with a campaign on making the United States a global Bitcoin (BTC) capital.
Since his inauguration, Trump has continued to advance positive regulations for crypto players and has also been linked to several industry ventures. Although current factors favor Zhao in securing a pardon, some are concerned about the general outlook, which might delay it. This is linked to opposition voices probing the President’s crypto moves.
Source: https://zycrypto.com/cz-could-make-a-binance-return-as-trump-administration-weighs-possible-pardon/