Rumors circulated by a Chinese media outlet claiming that US President Donald Trump had pardoned Binance founder Changpeng Zhao (CZ) have been firmly denied.
CZ publicly addressed the misinformation on X, labeling it as “fake news” and suggesting the source may be a Chinese competitor, reports Cryptopolitan.
He noted that the original articles have since been removed following his team’s intervention. Binance co-founder Yi He also dismissed the reports, confirming in a statement to Chinese media that no pardon has been granted. The US Department of Justice’s pardon database does not list Zhao among the recipients of a presidential pardon as of now.
CZ Applied for Trump Pardon But Has Not Received It
While the rumors of a pardon are false, CZ has confirmed that his legal team submitted an official pardon request to President Trump in April 2024. Zhao was sentenced to four months in federal prison after admitting to anti-money laundering violations at Binance, a case that also resulted in a record $4.3 billion corporate settlement.
CZ personally paid a $50 million fine and has remained mostly out of the spotlight since his release. His application for a pardon follows Trump’s prior clemency for several high-profile crypto figures, including Silk Road founder Ross Ulbricht and BitMEX executives, signaling Trump’s historically favorable stance toward the crypto industry.
Market Reacts Briefly to Misinformation
The unfounded pardon reports briefly impacted the crypto market, with Binance’s native token BNB spiking to $650 before quickly retreating to around $644.2. Despite the false news, BNB maintained most of its gains, suggesting underlying market interest in the asset. Meanwhile, the OFFICIAL TRUMP token saw a 2% daily decline and is down 30% over the past month, although it remains significantly up year-to-date. CZ emphasized the importance of verifying news through official sources to avoid market confusion and unnecessary volatility driven by unsubstantiated rumors.
Recently we wrote that the board of directors of Trump Media and Technology Group (TMTG) has approved a buyback of up to $400 million in common stock or warrants, citing the company’s strong financial position.
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