Crypto community rallies behind CZ for a pardon as it could have a wider implication on the industry

Changpeng 'CZ' Zhao has responded to an X post by Telos Foundation's Executive Director, John Lilic, which suggests that the newly elected President Trump should pardon CZ in light of his past criminal charges that led to him receiving a four-month prison sentence.

In his Twitter post, Lilic wrote

"Donald Trump should consider a pardon for CZ so he can return to being the CEO of Binance and help the crypto industry mature, and realize its full potential."

Replying to the tweet, CZ wrote that he had no intentions of returning back to Binance but he wouldn't mind a pardon.

Netizens were quick to support this motion, with many putting a 100 mark emoji to show their support of freeing CZ.

This ignited discussion across platforms, with many in the community rallying behind the idea, some even suggesting CZ could contribute to the crypto sector in other capacities.

Trump is known for his extensive use of presidential pardons during his term, including high profile individuals, making his plea not entirely out of the question. Now Trump has been approached by the crypto community to consider CZ for a pardon.

Pardon for CZ could signify a whole new start for crypto

Stretching beyond the superficial fact of just freeing CZ is the deeper conversation of what pardon could mean for the crypto community.

There were many who had said that given CZ's crucial role in building the Binance empire, his pardon could symbolise a fresh start for both him and the industry, possibly encouraging further innovation and growth.

Many are speculating that if Trump were to pardon CZ, it would send a strong message about the U.S's stance on crypto regulation and potentially influencing global policy.

Industry leaders like Charles Hoskindon have implied that such a pardon could help mature the crypto industry, moving beyond what some describes as regulatory overreach.

This scenario also highlights how technology, finance and politics overlap. If Trump does extend a pardon, not only does it restore CZ's image, but it also sets a precedent for how crypto-related issues are handled, possibly encouraging a more nuanced regulatory approach.

CZ debunked claims of lifetime ban from crypto

In a public interview after his release, CZ debunked rumours of him being under lifetime ban from managing crypto exchanges as part of his plea agreement.

CZ added "those two words don't exist in my plea agreement with the government."

Even so, CZ has once again expressed that even if he had the choice, he would have no desire to return to Binance as the CEO.

Instead, he preferred to use his time to provide funding and mentoring for young entrepreneurs who want to start new projects in the crypto sphere.

In November 2023, CZ plead guilty to charges related to company operations. These included facilitating transactiosn for countries under U.S. Sanctions, such as Iran, and Cuba. The charges were primarily related to money laundering.

As part of his plea deal with the U.S government, Binance had to pay a fine of $4.3 billion, while Zhao perosnally paid a $50 million fine and agreed to step down as CEO of Biannce. Though, he still holds shareholder rights over the crypto exchange.