Founder and former CEO of the world’s largest cryptocurrency exchange, Binance, Changpeng Zhao wants a presidential pardon from the US government to be led by president-elect Donald Trump, and the crypto community seems to back with him.
John Lilic, a member of the Telos Foundation, recently suggested that former U.S. President Donald Trump should pardon the former CEO, who is also known as CZ.
Binance, one of the world’s largest cryptocurrency exchanges, owes much of its success to CZ’s leadership. However, CZ has faced legal challenges that have drawn significant attention in the cryptocurrency industry.
The Telos Foundation supports the Telos blockchain—a platform designed for building Web3 applications. Telos is fast, efficient, and cost-effective, supporting various apps, including those based on Ethereum and EOSIO, offering flexibility for developers.
The foundation’s primary role is to foster the growth and success of this blockchain. It manages governance, supports developers and businesses, and promotes Telos to increase adoption.
Lilic argued that a pardon would allow CZ to return as the CEO of Binance and contribute to the growth and maturity of the cryptocurrency industry. He referred to CZ as a victim of “law fare,” implying that legal actions against him were unfair and possibly intended to hinder his influence in the crypto space.
CZ has been a pivotal figure in the cryptocurrency world since founding Binance in 2017. Under his leadership, the platform became a global leader in crypto trading. However, U.S. authorities investigated Binance for regulatory violations. These investigations resulted in CZ stepping down as CEO, paying a significant fine, and distancing himself from the company he built and serving jail time.
Lilic’s comments suggest that he views CZ as essential for the development of the crypto industry. He believes that allowing CZ to return to leadership could positively impact the industry’s ability to grow and adapt to regulatory demands.
CZ responded to Lilic’s suggestion by saying he has no intention of becoming Binance’s CEO again, even if a pardon were granted. However, he acknowledged that he would not oppose the idea of a pardon, given its potential to clear his reputation and release him from the ongoing legal scrutiny.
The discussion surrounding CZ’s legal challenges reflects a broader issue in the cryptocurrency world of how to balance regulatory oversight with the need for innovation. Governments worldwide are working to create rules for the crypto industry, aiming to prevent fraud and protect consumers. However, many in the crypto community feel that these regulations can be overly strict or unfair, potentially stifling progress.
Lilic’s call for a pardon highlights the tension between regulators and the crypto industry. Leaders like CZ have played a critical role in shaping the space, and their absence could create a leadership gap at a time when the industry is charting complex regulatory challenges.
The call for a presidential pardon for CZ comes as the current U.S. President, Joe Biden, has announced a pardon for his son, Hunter Biden. Additionally, President-elect Donald Trump has pledged to commute Ross Ulbricht’s sentence to time served.
While CZ is not keen on returning as CEO, he is pursuing other interests, such as the Giggle Academy.
