CZ Rejects WSJ Report of Binance US Deal Amid Pardon Speculation
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Key Takeaways:
- CZ firmly denies engaging in any deal that involved a pardon or Binance US negotiations.
- His response questions narratives blending political favors with crypto business moves.
- The episode spotlights ongoing tensions between regulatory oversight and evolving crypto practices.
Binance founder Changpeng “CZ” Zhao has denied a March 13 Wall Street Journal report alleging that he sought a presidential pardon from the Trump administration in exchange for a business deal involving Binance US.
Binance Co-Founder CZ Denies WSJ Pardon Claim
CZ said he was aware that the Wall Street Journal had contacted multiple people about the alleged pardon request, suggesting that the publication was attempting to construct a narrative.
“More than 20 people have told me they were asked by the WSJ (and another media), ‘Can you confirm that CZ made some deal for a pardon?’ They probably asked hundreds of people to have 20 reach out to me,” he wrote.
He added that while “no felon would mind a pardon,” he had not discussed any Binance US deal with anyone.
CZ suggested that the WSJ article is part of a broader effort to target the crypto industry and the U.S. administration.
“Feels like the article is motivated as an attack on the President and crypto,” he stated, implying that the report was driven by lingering regulatory opposition to the sector. “And the residual forces of the ‘war on crypto’ from the last administration are still at work.”
Despite the allegations, CZ stated his ongoing commitment to Binance’s global crypto initiatives.
Crypto Community Questions Traditional Media
According to the Wall Street Journal article, CZ urged the Trump administration to grant him a pardon after entering a guilty plea in 2023.
Citing anonymous sources, the article claimed that as part of a larger strategy to reenter the U.S. market, Binance had contacted Trump supporters with a business proposal involving Binance US.
The report claims that after Binance’s legal issues worsened, executives started talking about a possible deal while trying to navigate regulatory barriers.
Meanwhile, more people in the crypto sector are wary of traditional media, wondering if their coverage of regulatory issues is objective or biased.
Some contend that rather than reflecting industry realities, coverage frequently presents events in a way that fits with larger political or financial narratives.
The situation also demonstrates how difficult it is becoming for crypto businesses to continue operating globally while abiding by the law.
Companies must adjust to new regulations as governments impose more oversight, and the future of the sector is increasingly being shaped by legal and regulatory actions.
Frequently Asked Questions (FAQs):
By challenging narratives that link political favors with crypto deals, CZ’s rebuttal could temper investor worries and shift focus toward broader industry challenges, reinforcing a stance on self-regulation.
CZ’s rebuttal exposes how the media can amplify unverified stories, steering public discourse. This response prompts scrutiny of journalistic practices and encourages a more measured evaluation of crypto news.
The incident may push crypto firms to refine their messaging and transparency practices. A clearer, more consistent communication strategy could help mitigate misinterpretations and restore public trust.
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