Key Insights
- Binance founder Changpeng Zhao has disclosed that the exchange would reinvest the $4.3 billion fine it paid in 2023 in the US if it ever gets a refund.
- CZ’s statement comes barely a month after US President Donald Trump pardoned him from a 2023 conviction.
- His pardon comes as a major boost from the Trump administration to the crypto industry, which had drawn criticism.
Binance founder Changpeng Zhao “CZ” revealed that the company would reinvest the $4.3 billion it paid as a fine to the US Government into the US economy if it ever gets refunded. CZ said this while reacting to questions about a possible fine refund, while adding that he appreciated his pardon.
He noted that there is a balance in asking for more versus what is fair and appreciating what you got already. Nevertheless, he disclosed that the exchange will reinvest the fine if it is refunded, although he hasn’t requested it.
He said:
Binance Planning to Expand Operations in the US
Following Zhao’s recent pardon, Binance reportedly began exploring options to re-enter the US market directly. The pardon, confirmed by CZ on October 23, cleared his criminal record, providing him with a clean slate to operate in the US.
Hence, the firm is reportedly considering integrating Binance.US with its global exchange’s operations. It is also evaluating the possibility of allowing US users to access its main platform, opening them up to more offers.
The company hinted at this through its official X account, posting, “I am not leaving.” Binance’s return to the US would align with its efforts to advance its USD services after years of suspended operations.
The exchange could leverage its status as one of the biggest global exchanges to bring new investment to the United States. Binance could capitalize on strong pro-crypto sentiment in the US to re-enter the market.
CZ’s Lawyer Debunks Paid Pardon Allegations
Meanwhile, CZ’s attorney, Teresa Goody Guillén, recently described the criticism around her client’s pardon as a series of false statements. Guillén told Anthony Pompliano on the Pomp Podcast that CZ’s offense was more compliance-related than an actual criminal act.
Guillén stressed that the allegations that CZ paid for the pardon, considering Binance’s link to WLFI, are entirely false.
According to her;
Notably, the pardon came roughly six months after CZ acknowledged that his attorneys had petitioned US authorities for a pardon.
Traditional media outlets had speculated that the effort may have involved private financial interactions between Binance and Trump-linked entities. They also argued that the process may involve a cooperation deal targeting other crypto executives, such as Tron founder Justin Sun.
Despite the criticism, the crypto community has welcomed the pardon, describing it as a well-deserved move. Balaji Srinivasan, a former Chief Technology Officer (CTO) at Coinbase, opined that CZ deserves a pardon. He added that CZ was held responsible for the actions of over 250 million Binance users.
CZ’s pardon represents another significant effort by the Trump administration to facilitate the growth of the crypto industry. However, the move has already drawn speculations that it may have far-reaching consequences that will only be felt after President Trump completes his tenure.
Oluwapelumi Adejumo is an experienced cryptocurrency journalist who has contributed to leading blockchain news platforms, including CryptoSlate and BeInCrypto.
