The US has pardoned Changpeng Zhao, also known as CZ, the founder of Binance, in a move that could have significant implications for the country's cryptocurrency market. While Trump claimed he knew little about Zhao, his pardon has led to accusations of nepotism and cronyism, particularly given the ties between Binance and the Trump family.
Zhao was convicted last year on charges related to failing to maintain an effective anti-money-laundering program at Binance. In a stunning reversal, Trump pardoned him just over two years into his sentence, sparking widespread debate about the pardon's legitimacy. Some have argued that Zhao's pardon may be part of a broader attempt by the Trump administration to support the crypto industry.
Industry insiders are now bracing for a potential backlash from a future Democratic administration. "The [pardon] doesn't look good," warned Azeem Khan, founder of Miden. "There's going to be scorched earth to come with the midterm elections." Others have expressed concern that the pardon could embolden Zhao and Binance to return to an active role in US crypto markets.
While Trump has denied any knowledge of his sons' involvement with crypto, critics argue that the pardon raises questions about conflicts of interest. Nic Carter, general partner at Castle Island Ventures, warned that Trump "doesn't care about the appearance of impropriety—at all." The pardon could have a destabilizing effect on US-based crypto exchanges, which Binance has long represented as a major competitor to Coinbase.
Despite these concerns, some experts predict that the US crypto market will ultimately trend towards consolidation. "Fees get squeezed, and you have to scale to win," said Chris Perkins of CoinFund. "There's going to be some holy or unholy alliances." The industry is also bracing for a potential overhaul under a new administration.
As the full implications of Trump's pardon become clear, one thing is certain: the US crypto landscape will never be the same again.
Zhao was convicted last year on charges related to failing to maintain an effective anti-money-laundering program at Binance. In a stunning reversal, Trump pardoned him just over two years into his sentence, sparking widespread debate about the pardon's legitimacy. Some have argued that Zhao's pardon may be part of a broader attempt by the Trump administration to support the crypto industry.
Industry insiders are now bracing for a potential backlash from a future Democratic administration. "The [pardon] doesn't look good," warned Azeem Khan, founder of Miden. "There's going to be scorched earth to come with the midterm elections." Others have expressed concern that the pardon could embolden Zhao and Binance to return to an active role in US crypto markets.
While Trump has denied any knowledge of his sons' involvement with crypto, critics argue that the pardon raises questions about conflicts of interest. Nic Carter, general partner at Castle Island Ventures, warned that Trump "doesn't care about the appearance of impropriety—at all." The pardon could have a destabilizing effect on US-based crypto exchanges, which Binance has long represented as a major competitor to Coinbase.
Despite these concerns, some experts predict that the US crypto market will ultimately trend towards consolidation. "Fees get squeezed, and you have to scale to win," said Chris Perkins of CoinFund. "There's going to be some holy or unholy alliances." The industry is also bracing for a potential overhaul under a new administration.
As the full implications of Trump's pardon become clear, one thing is certain: the US crypto landscape will never be the same again.
. Trump's pardon is like something out of a movie from the 80s or 90s, where rich guys can just waltz in and get away with stuff 
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. I'm kinda worried about what's gonna happen when the next administration takes over. They might try to clean up all the mess that Trump left behind, but I don't know if it'll be enough 
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. Everyone's trying to figure out how to move their pieces and come out on top. But what happens when the king gets pardoned? Do they start making all the moves? 
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. And we're not even considering how a new administration might shake things up... it's like playing a game of Jenga and you don't know when someone's gonna come along and pull on the whole thing 
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. The future of crypto in the US is looking more uncertain by the minute 
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CZ's got a lot of clout in the crypto scene and now he's basically untouchable 
. The whole thing reeks of cronyism, especially with Binance's ties to the Trumps 
. I mean, if there's even a whiff of nepotism, it's gonna mess with investor confidence big time 
. Whatever the case, industry insiders are bracing for a potential backlash from a future Dem admin 
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. Chris Perkins makes a legit point that fees get squeezed and you gotta scale to win 
. I mean CZ is a genius or whatever and he basically just did some stuff wrong and got off scot free? Like what's next, pardoning Jeffrey Epstein for his whole pedo thing? 
I can see why industry insiders are worried, its like Trump is playing some kinda twisted game to boost crypto. Newsflash: it wont work! Crypto needs real regulation not crony capitalism 
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. I'm sure it has absolutely nothing to do with Trump's personal connections or possible conflicts of interest 
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. Who knows, maybe Zhao will finally learn how to run a crypto company without, you know, getting convicted of crimes related to it 
. And don't even get me started on the whole nepotism thing - I'm not saying Trump is corrupt or anything (although, let's be real, some people are saying that 
), but come on, it does look suspiciously like he's buddy-buddy with his son and Binance.
. If a future Dem admin comes in and starts taking it out on Binance, we could be looking at some serious chaos in the market 
. The whole Trump admin was already pretty polarizing, but now they're just adding fuel to the fire 
what's next? Pardoning Elon Musk for tweeting too much? 
seriously though, this pardon is gonna be a wild ride and I'm here for it. Maybe CZ will finally get to use his crypto riches to buy himself a good lawyer... 
and someone's gonna come out on top
anyway, the thing that gets me is how messy this whole thing is, like, is trump even aware of his sons' involvement with crypto? 
The fact that Binance is now back in the mix with no one holding them accountable is a disaster waiting to happen. I'm worried about those crypto exchanges getting shut down or, worse, losing their licenses because of this pardon. It's like the whole thing was orchestrated to line Trump's pockets and boost his donor base. 
. I mean, I get that CZ was convicted and all, but pardoning him after only 2 years feels like a total power move to me 
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. But let's be real, this pardon is just the beginning of some serious drama. We're gonna see some wild moves and unexpected alliances - it's all about finding that sweet spot where fees get squeezed and everyone wins 
And don't even get me started on the potential conflicts of interest 
. Nepotism or cronyism, idk who cares lol. But seriously tho, this is like a major move that's gonna shake things up in crypto. Binance is like a beast but Coinbase is like a stable horse 
maybe consolidation is the way to go but idk man... i'm just watching from the sidelines and waiting to see how it all plays out