As forecast in the first post in this series, let’s turn to Changpeng Zhao, known to his crypto confederates as “CZ.”
Even before the Wall Street Journal’s recent reporting on the Trump-UAE crypto enterprise in which Zhao played a vital role, we already knew some of the story: I wrote about it last autumn and our Jim Geraghty did his usual stellar reporting on the topic.
Zhao, a Chinese-born Canadian billionaire, is the founder of Binance, the world’s biggest cryptocurrency exchange. In 2023, he was convicted of money laundering and eventually served about four months in prison. Binance was also convicted, subjected to more than $4 billion in fines and forfeitures, and was banned from operating in the United States. Zhao pleaded guilty, and the platform accepted the severe penalties and sanctions because the government’s case was overwhelming. As the Justice Department put it, Zhao turned Binance into a covert funding channel for “terrorists, cybercriminals and child abusers.”
And yet, President Donald Trump pardoned him. While it’s not a sure thing, the pardon, in wiping out Zhao’s criminal convictions, opens the possibility that Binance could be reinstated for U.S. operations. At the very least, the pardon bolsters Zhao’s chances of qualifying to do business in other markets, where Binance still faces licensing challenges. Places such as the UAE, where Zhao now lives and enjoys warm relations with the royal family — crypto enthusiasts. It’s the country he and his hosts would like to see Binance make its global hub.
Read the rest here.
See also: The Sordid Story of Trump, the Trump–Witkoff Family Business, and the UAE
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