As a seasoned researcher with a knack for deciphering the intricacies of political and financial landscapes, I find myself intrigued by the latest developments concerning CZ Zhao and potential presidential pardons. The interplay between business, law, and politics is always a captivating spectacle to observe, particularly when it involves high-profile figures like CZ or Donald Trump.
Previously, the former CEO of Binance, Changpeng “CZ” Zhao, indicated his readiness to accept a presidential pardon from the incoming U.S. President Donald Trump, if offered, for a past felony conviction.
Zhao expressed in a Dec. 1 response to TelosX co-founder John Lilic that he wouldn’t object to receiving a presidential pardon, which Trump, the incoming 47th U.S. President, is scheduled to assume office on January 20.
Back in November 2023, I found myself standing before the authorities, admitting to a criminal charge linked to the lack of an adequate Anti-Money Laundering system during my tenure as CEO at Binance. This was part of a settlement agreement we reached with the relevant authorities.
Following his admission of guilt, a judge ordered Zhao to spend four months behind bars. His release occurred in September; however, the federal charge remains on his record, which could possibly influence future business endeavors.
As stated by the U.S. Justice Department, a presidential pardon for Zhao would not erase or eliminate his conviction altogether. Instead, it would enable the removal of legal restrictions that stem from the conviction, and to some extent, reduce the negative impact on reputation associated with the conviction. Additionally, a pardon might aid in acquiring licenses, bonds, or employment.
Zhao’s involvement with Binance
After establishing Binance in 2017, CZ stepped down from his position as CEO per the 2023 agreement with prosecutors. However, he expressed his readiness to offer guidance to the team whenever necessary. His subsequent statement on X further emphasized that he had no intention of returning to the role of CEO.
In September, Richard Teng, who took over Zhao’s position following the settlement, stated that the former CEO was permanently barred from leading or overseeing the crypto exchange, Binance. This statement implies that Changpeng “CZ” Zhao may not regain a substantial position at Binance, even if he were to receive a presidential pardon.
Trump is facing his own troubles as a convicted felon
In May, a New York jury determined that Trump was guilty on 34 counts of falsifying business records regarding a $130,000 payment to adult film actress Stormy Daniels. This verdict represented the unprecedented instance in history where a sitting or former U.S. President has been found guilty of a felony.
Trump’s sentencing, initially set for Nov. 26, was postponed following the U.S. election results where he garnered a majority of votes. A judge delayed the hearing to allow both prosecutors and defense lawyers time to submit their arguments regarding the proceedings. Many legal analysts believe that Trump may not be sentenced until after his inauguration on Jan. 20.
Before the election, the president-elect was dealing with various state and federal accusations, as well as a court order requiring him to pay hundreds of millions due to civil lawsuits alleging fraud and defamation. As Trump’s New York felony conviction stems from state charges, it is beyond the scope of a presidential pardon, although he had considered the possibility of self-pardoning for federal offenses during his first term.
First presidential action for Silk Road founder?
As a crypto enthusiast, I recall that during his presidential campaign, Donald Trump didn’t explicitly discuss Binance CEO Changpeng Zhao (CZ). However, he did make assurances to the crypto community, one of which was the possible commutation of Ross Ulbricht’s sentence. The latter is known for creating the Silk Road marketplace.
In 2015, Ross Ulbricht was given a sentence of life imprisonment without the chance of release, due to his convictions for money laundering, unauthorized computer access, and conspiring to distribute illegal drugs.
Trump expressed his intention to reduce Ulbricht’s sentence on the very first day of his presidency in May, implying immediate action on January 20th. Nevertheless, various professionals in the field urged the former US president to assist the Silk Road founder throughout his term from 2017 to 2021. However, Trump failed to commute Ulbricht’s sentence when he had the chance to do so.
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2024-12-02 19:39