CZ Denies Trump-Binance Deal Allegations, Calls WSJ Report Misleading

Changpeng “CZ” Zhao has denied claims that representatives of President Donald Trump’s family were involved in discussions to acquire a financial stake in Binance.US.

This was after the Wall Street Journal (WSJ) published a report suggesting such talks had taken place.

Details From The Statement

Following the report’s release, Zhao addressed the claims in a March 13 post on X, stating, “I have had no discussions of a Binance US deal with … well, anyone.”

The former Binance CEO explained that more than 20 people had told him they had been contacted by WSJ and another media outlet, who were attempting to verify whether he had struck a deal for clemency.

The article alleged that Zhao was seeking a presidential pardon from Trump, which could allow him to take on an operational or management role at Binance. According to the WSJ, Binance approached Trump’s allies last year with a business proposal as part of its plan to strengthen its U.S. operations.

Zhao denied these claims, suggesting that the report was politically motivated and intended as “an attack on the President and crypto.” He also asserted that “residual forces of the ‘war on crypto’ from the last administration are still at work.”

CZ, who served time after pleading guilty to violating U.S. anti-money laundering laws, noted that he is the only individual in U.S. history to receive a prison sentence for a single Bank Secrecy Act violation. “No felon would mind a pardon,” he said, adding that he remains dedicated to advancing cryptocurrency both in the U.S. and globally.

Implication of CZ’s Possible Return

In November 2023, Binance settled with U.S. authorities, agreeing to pay $4.3 billion in fines. As part of the agreement, Zhao pleaded guilty to failing to implement an effective anti-money laundering program at the exchange. The company also committed to fully exiting the United States market.

CZ later resigned as CEO, with reports indicating that he was permanently barred from operating or managing Binance under the terms of the settlement. A presidential pardon would possibly change the platform’s ability to conduct business in the country.

Since Trump took office, his administration has taken a more supportive stance on digital assets, reversing the strict regulatory approach of the previous government.

Under acting Chair Mark Uyeda, the U.S. Securities and Exchange Commission (SEC) has softened its enforcement efforts against crypto firms. Several high-profile cases, including those involving Binance and Coinbase, have been paused or dropped.