Speculation about a potential presidential pardon for former Binance CEO Changpeng “CZ” Zhao has intensified after changes to his social media profile sparked betting market activity. The crypto community noticed this week that Zhao removed the “ex-@binance” tag from his X profile, which he had added in 2023 after stepping down as part of a plea deal with US authorities.
Polymarket odds on Zhao receiving a pardon from President Donald Trump reached an all-time high of 64% on Saturday before dropping to 45%. The betting activity follows Zhao’s May confirmation that he directed his lawyers to apply for a Trump pardon.
The speculation drove BNB token above $1,000 for the first time in its history. The Binance-linked cryptocurrency jumped past Solana to become the fifth-largest digital asset by market capitalization.
Zhao served four months in prison in 2024 after pleading guilty to money laundering charges. His conviction stemmed from failing to maintain effective anti-money laundering programs at Binance.
The exchange agreed to pay $4.3 billion as part of the 2023 settlement with US officials. Richard Teng has served as CEO since Zhao’s departure in November 2023.
Binance’s global operations remain under three years of compliance monitoring as part of the enforcement agreement. However, recent reports suggest the company may be seeking changes to these oversight requirements.
Bloomberg News reported that Binance has held discussions with US authorities about dropping its independent compliance monitor. This monitor represents a key oversight requirement from the original $4.3 billion settlement.
Democratic senators Elizabeth Warren, Richard Blumenthal, and Mazie Hirono sent a letter to Attorney General Pam Bondi this week questioning potential changes to the Binance agreement. The lawmakers expressed concern about reports of meetings between Binance executives and Treasury Department officials.
The senators highlighted Trump’s family financial connections to Binance through World Liberty Financial. This cryptocurrency venture has increased its ties to Binance since May 2024.
Warren specifically questioned whether the Trump administration might alter the 2023 enforcement agreement. The senator also raised concerns about Zhao’s alleged financial connections with the president’s family.
The Securities and Exchange Commission moved to drop its long-running lawsuit against Binance in May 2024. This action occurred after Trump took office with pro-crypto officials in regulatory positions.
Trump has already issued pardons for several crypto figures including Silk Road founder Ross Ulbricht. BitMEX co-founders Arthur Hayes, Benjamin Delo, and Samuel Reed also received pardons from the president.
The Trump administration has shifted US government stance toward digital assets compared to the previous administration. Officials have emphasized financial innovation and establishing America as a global crypto hub rather than focusing primarily on enforcement actions.
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