Former Binance CEO Changpeng “CZ” Zhao denied allegations that he was demanding amnesty from US President Donald Trump, and rejected the news that there was any business agreement between Binance.us and the Trump family.
CZ: “I did not demand amnesty”
In a report published by Wall Street Journal, it was suggested that Zhao had attempted to be forgiven from Trump and an agreement was made between Binance.us and the Trump family. However, Zhao rejected these allegations in a statement on 13 March on X (formerly called Twitter).
“No criminal record, he would not oppose an amnesty decision, especially when he was the only person who was in jail due to the Bank Privacy Law (BSA) in the US history, Z Zhao said, implying that the news was an attack on Trump and the crypto industry. At the same time, he argued that the effects of the previous administration’s struggle against crypto currencies are still continuing.
Legal Process of Binance.us and CZ
In November 2023, Binance agreed to pay a $ 4.3 billion penalty by reaching an agreement with US officials. As a part of the agreement, Zhao admitted that he had violated the Bank Privacy Law on the grounds that he did not take effective measures against money laundering and resigned from his position as CEO. Zhao, who was sentenced to four months in prison, was also banned from exercising any management authority on Binance.
Zhao’s demand for a potential amnesty from Trump does not eliminate the decision of prisoner in the past. However, according to the US Department of Justice, a presidential amnesty may ensure the abolition of the legal restrictions on the conviction. This may pave the way for Zhao to take an active role in the crypto industry again.
New era in SEC and Crypto arrangements
Binance, in 2023 with the US Department of Justice, even if the US Securities and Stock Exchange Commission (SEC) with the legal process has not yet been completed. However, with the resignation of the former president of SEC Gary Gensler and the appointment of Mark Uyeda instead of Mark Uyeda, the proceedings for many crypto companies, including the Binance case, were suspended.
Since Trump took office in January, SEC has stopped some investigations and sanctions against the crypto industry. In addition to suspending the Binance case, it is said that SEC could conclude the case against Ripple Labs.
While Zhao remains unclear whether Zhao will return to the crypto industry in the future, the process between Binance and SEC will continue to be shaped by the Trump administration’s attitude towards crypto arrangements.
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