CZ says crypto exchange rivals opposed his pardon bid
Binance co-founder Changpeng “CZ” Zhao said rival crypto exchanges were concerned a pardon could pave the way for Binance to return to the US market.
Binance co-founder Changpeng “CZ” Zhao said he was not very confident he would be pardoned by US President Donald Trump after serving a four-month prison sentence in 2024 for violating US anti-money-laundering laws.
“You never know because we actually had very strong anti-lobbying from some of our perceived competitors in the US,” Zhao told Ran Neuner on the Crypto Banter podcast published to YouTube on Saturday.
“The other crypto exchanges in the US don’t want me to get a pardon,” Zhao said, arguing they were concerned about Binance re-entering the US market after its exit in November 2023. The departure followed a $4.3 billion settlement with Binance and the US government over violations of the Bank Secrecy Act (BSA) and the International Emergency Economic Powers Act (IEEPA), as well as failure to register as a money transmitting business.