Crypto Magnate CZ Granted Pardon by President Trump... Why Now? 🤔
I was truly surprised when I heard this news too! 😮 The news that Changpeng Zhao (CZ), founder of Binance, the world's largest cryptocurrency exchange, has received a pardon from President Donald Trump is truly intriguing. Why would CZ, who was sentenced to four months in April, be granted a pardon?
Hello everyone! Today, I have some really interesting news that I want to share with you. It's the news that Changpeng Zhao, also known as CZ, the founder of Binance, the world's largest cryptocurrency exchange, has received a pardon from U.S. President Donald Trump. 📰
I was also very intrigued when I saw this news. 🤩 In April 2024, CZ pleaded guilty to violating U.S. anti-money laundering laws and was sentenced to four months in prison. But a sudden pardon, it makes you think about many things.
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CZ and Binance's Legal Troubles, and the Pardon
Shall we delve deeper into the background of this case? According to Reuters, CZ was sentenced to four months in prison in April 2024 for violating U.S. anti-money laundering laws. It wasn't just an individual issue for CZ. Binance also pleaded guilty and was ordered to pay a staggering $4.3 billion (approximately 3.4 trillion Korean won) fine, as U.S. investigations revealed that they helped users circumvent sanctions.
Controversy Surrounding the Pardon and the White House's Stance
This pardon news has once again brought the White House's attitude towards the cryptocurrency industry into the center of controversy. Especially with the Trump family's increased investments in the crypto industry, there are suspicions that this pardon might be related to President Trump's personal financial interests.
However, White House spokesperson Karoline Leavitt strongly refuted these criticisms. She characterized the indictment of CZ under the Biden administration as part of a 'war on crypto' and made it clear that this pardon is unrelated to President Trump's personal interests. She claimed that the case was 'thoroughly reviewed' and that the Biden administration had 'over-prosecuted'. 👀
Why Now, and What's Next?
It's a situation where political interpretations are bound to be varied. The fact that President Trump is a figure who actively uses his constitutional pardon power is also worth considering. However, attention is now focused on how this pardon will affect the cryptocurrency industry as a whole and what steps Binance and CZ will take moving forward. 🧐
What are your thoughts on this pardon? Please feel free to share your opinions in the comments! 👇
Thank you for reading this long post today. I hope you all have a warm and peaceful day! 😊