Changpeng Zhao (CZ), the co-founder of Binance and former CEO of the world’s largest cryptocurrency exchange, is reportedly aligning himself with President Donald Trump’s policy initiatives following his recent release from a four-month jail sentence.
This shift comes as Zhao seeks to navigate the complexities of his situation in the US in light of his legal challenges, including a formal application for a presidential pardon after serving time for violations related to anti-money laundering laws (AML).
Will CZ’s Strategy Result?
As reported by Crypto in America, Zhao’s foundation, Giggle Academy, has partnered with American Legion Charities to donate $2 million to create a permanent scholarship for the children of fallen and disabled US service members.
Per the report, this initiative is particularly timely, coinciding with Trump’s renewed focus on artificial intelligence (AI) and blockchain technology.
Zhaos’ scholarship program aims to empower students by providing grants of up to $20,000 and features an annual competition that encourages participants to address pressing societal issues with innovative solutions.
This aligns with the Trump administration's broader objectives, which include bolstering America’s position as a global leader in technology and cryptocurrency while supporting veterans and their families.
Recently, the president’s administration approved an $832 billion defense funding bill that includes pay raises and enhanced benefits for service members, further underscoring this commitment.
Former Binance CEO's Pardon Application Gains Traction
Industry insiders view Zhao’s “philanthropic initiative” as potentially strategic, suggesting that it could be an attempt to gain favor with the president. “CZ knows what he’s doing,” remarked a crypto executive familiar with the landscape. The executive, who chose to remain anonymous when responding to Crypto in America's inquiries, further stated:
For the US to maintain its status as the crypto capital of the world, it needs strong leadership from its top exchanges and entrepreneurs. Moreover, we need a skilled workforce to drive the future economy.
Adding to Binance’s former CEO complex situation in the country, recent speculation has emerged regarding his chances of receiving a presidential pardon.
CZ has topped crypto-betting platform Polymarket's leaderboard as the individual most likely to be pardoned by President Donald Trump in 2025, according to recent polls.
This narrative gained momentum after Zhao confirmed on a podcast that he had formally applied for a pardon. This came after a tumultuous year in which he faced significant legal hurdles, leading him to leave Binance and relinquish any role in its operations.
When writing, the exchange’s native token Binance Coin (BNB) trades at $782, a gap of over 3% from its current record high of $809 reached two days ago.
Featured image from CNBC, chart from TradingView.com
