In a plot twist that would make Dostoevsky blush, a presidential pardon for Binance founder CZ has sent shockwaves through the crypto cosmos, delighting fans, enraging foes, and leaving U.S. regulators scrambling like cats on a hot tin roof. 🎭
CZ Fires Back, Proclaims Crypto Community’s Unbreakable Spirit
The U.S. crypto scene is once again under the microscope-or perhaps the guillotine-after a high-profile pardon reignited debates about fairness, innovation, and whether anyone in Washington actually knows how Bitcoin works. Changpeng Zhao (CZ), the founder of Binance, took to X on Oct. 23 to address his pardon, bestowed by none other than President Donald Trump himself. Reactions ranged from jubilant cheers to the sound of Senator Elizabeth Warren sharpening her digital pitchfork.
This moment is being hailed as a watershed for crypto’s role in U.S. economic dominance-or its descent into regulatory purgatory. CZ proclaimed:
Deeply grateful for today’s pardon and to President Trump for upholding America’s commitment to fairness, innovation, and justice. Will do everything we can to help make America the Capital of Crypto and advance web3 worldwide.
Reflecting on the ordeal, he added, with the stoicism of a man who’s been through the wringer and emerged with his humor intact: “Overall, I think I have always been lucky. It (the process) was extremely painful, but it didn’t break me. My official record was tarnished for a bit, but my reputation held strong. No one, not a single person, stopped doing business with me. My family, friends, and community supported me. I was never alone. Thank you for your support! Let’s keep building.”
Supporters rallied behind CZ, with Ella Zhang of YZi Labs declaring: “CZ deserves a pardon. His attention and efforts are all about improving humanity and helping more people.” Balaji Srinivasan, tech entrepreneur and occasional Twitter philosopher, chimed in: “CZ deserves his pardon. His show trial of a prosecution was a combination of regulatory railroading and ethnic persecution for being Chinese-Canadian. Imagine if Macron was held personally responsible for every crime committed by the 67M citizens of France, and you’ll get the absurdity of holding CZ personally responsible for the actions of a few of the 250M+ Binance users.” Even Charles Hoskinson, the Cardano founder, couldn’t resist weighing in: “Congratulations to my friend CZ. Trump has corrected a grave injustice.” He added, with a note of indignation:
The weaponization of the justice department against our industry and its entrepreneurs should have never happened. It was and still is a deep wound that will take a long time to heal.
But not everyone was throwing confetti. Senator Elizabeth Warren, crypto’s favorite antagonist, fired back: “CZ pleaded guilty to a criminal money laundering charge and was sentenced to prison. But then he financed President Trump’s stablecoin and lobbied for a pardon. Today, he got it. If Congress does not stop this kind of corruption, it owns it.” Her post was swiftly fact-checked by X’s community notes, which clarified that Zhao “pleaded guilty to violating the Bank Secrecy Act for failing to implement an effective anti-money-laundering program” and that he “did not plead guilty to money laundering.”
CZ, never one to shy away from a fight, responded directly: “A U.S. senator can’t get her facts right, in a public post about a person’s charge. There were NO money laundering charges. The same senator declared ‘war on crypto,’ on public TV, 5 days before my sentencing, during the Biden Admin. Need a better example of weaponization of ‘Biden’s DOJ’ against crypto?” Crypto analyst Scott Melker also leapt to Zhao’s defense, writing: “Shame on you, senator. CZ did not plead guilty to money laundering. He pleaded guilty for causing Binance to violate the Bank Secrecy Act (BSA) by failing to implement an effective anti-money-laundering program. Ocean of difference between the two.”
FAQ 🧭
- What impact does CZ’s pardon have on the crypto industry?
It signals a potential shift toward more favorable political treatment of crypto, possibly paving the way for looser regulation and renewed investor confidence. - Why are lawmakers upset about the CZ pardon?
Critics argue the pardon undermines legal accountability and reflects political favoritism in exchange for financial or ideological support. - Did CZ admit to money laundering charges?
No, he pleaded guilty to compliance failures under the Bank Secrecy Act, not to money laundering itself. - Could this event influence future crypto policy?
Yes, it could deepen the divide between pro-crypto and anti-crypto factions in Washington, shaping future legislation and enforcement strategy.
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2025-10-25 08:58