Advertisement
Crypto tycoon Zhao Changpeng plans comeback after Trump pardon: analysts
Zhao vows to ‘help make America the capital of crypto and advance Web3 worldwide’, according to his post on X
Reading Time:2 minutes
Why you can trust SCMP
Freshly pardoned by US President Donald Trump, Binance founder Zhao Changpeng is expected to return at the helm of the world’s largest cryptocurrency exchange in terms of daily turnover, according to analysts.
The Chinese-born Canadian entrepreneur, widely known as CZ, received a pardon after he pleaded guilty to breaking US anti-money-laundering laws and went to prison for four months, part of a US$4.3 billion settlement with the US government to resolve a years-long investigation into Binance.
Zhao was forced to step down as Binance CEO under the settlement by the US Justice Department in November 2023.
Advertisement
The pardon would likely enable Zhao to return and run day-to-day operations at his company, according to Phyrex Ni, a cryptocurrency industry veteran in China. That would end the three-year ban on Zhao from being involved in Binance’s operations, Ni said.
The pardon is also expected to pave the way for Zhao to lead a potential initial public offering by Binance in the US.
Advertisement
“A large number of leading [cryptocurrency] exchanges have gone public in the US,” Ni said. “Binance also wanted to list in the US, and it is very likely that it will continue with this plan.”
Advertisement
Select Voice
Choose your listening speed
Get through articles 2x faster
1.25x
250 WPM
Slow
Average
Fast
1.25x