BitGo Chief Backs CZ Amidst Unfounded Accusations of Money Laundering
Clearing the Air: Binance Founder Receives Presidential Pardon, Not Guilty of Money Laundering as BitGo CEO Steps in to Set the Record Straight
Key Points
- BitGo CEO, Mike Belshe, defends Binance founder, Changpeng Zhao, against money laundering claims.
- Changpeng Zhao received a pardon from President Trump after a prison sentence for AML failures.
Mike Belshe, BitGo’s CEO, came to the defense of Binance founder Changpeng Zhao in the early morning of October 24.
Zhao had recently been pardoned by President Donald Trump, which Belshe clarified was not for money laundering as claimed by Senator Elizabeth Warren.
Clarification of Binance Founder’s Charges
Belshe used his platform to clarify why Zhao had been imprisoned, particularly after Senator Warren made a post about it.
The conversation began after a Wall Street Journal report noted Zhao’s recent pardon by President Trump.
Senator Warren highlighted the report, suggesting that Zhao had lobbied for the pardon by financing Trump’s stablecoin.
She claimed that Zhao pleaded guilty to a criminal money laundering charge, which resulted in a four-month prison sentence. In her view, this pardon represents a form of corruption that Congress needs to address.
Belshe refuted her claim, stating that Zhao only pleaded guilty to violating the Bank Secrecy Act by failing to maintain an effective anti-money laundering (AML) program.
Unjust Prosecution of Binance Founder
According to Belshe, Zhao was unjustly prosecuted and was the only individual to ever receive jail time solely for this violation.
On October 23, the WSJ reported that President Trump pardoned Zhao, who was convicted in 2023 for AML failures.
White House Press Secretary Karoline Leavitt stated that Zhao’s case was part of the Biden administration’s “war on cryptocurrency” which cost Zhao four months in prison.
The pardon was Trump’s way of using his constitutional powers to “end politically motivated prosecution against innovators in digital assets.”
As a result, Zhao is now free of legal restrictions that previously limited his ability to operate in the US and other jurisdictions.
However, it remains uncertain if Zhao will resume any executive role within the Binance exchange.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Meme Coin Craze: Comparing MoonBull's Tokenomics with Competitors' Risky Profits
- MoonBull ($MOBU) raised $450K in Stage 5 presale, offering 9,256% ROI with sustainable tokenomics including liquidity injections and burns. - Rivals BullZilla ($BZIL) and CULEX ($CULEX) also attract investors, with BZIL projecting 2,738% ROI and CULEX showing grassroots growth despite less structured models. - Upcoming U.S. inflation data and favorable crypto regulations create a speculative environment, favoring projects with transparent governance and deflationary mechanisms like MoonBull. - MoonBull’s
Ethereum News Update: The Future of Ethereum’s Price Depends on ETF Inflows and Accommodative Fed Indications
- Ethereum ETFs saw $141.6M inflows on Oct 21, led by FETH and ETHA, reversing prior day's outflows. - Price near $3,857 faces $3,800 support and $4,500 resistance, with 35.2% surge in 24-hour trading volume to $45.8B. - Whale accumulation and 400% stablecoin growth signal bullish sentiment, while Fed's Oct 28-29 rate decision could drive further moves. - Upcoming Fusaka upgrade (Dec 3, 2025) aims to boost network efficiency, while Ferrari's 2027 crypto token hints at expanding adoption.
XRP News Update: LTC Properties Revamps Holdings Amid Uncertainty Over Litecoin's "Silver" Reputation
- Litecoin's "digital silver" status remains debated as LTC Properties, a seniors housing REIT, sells $79M in nursing centers to reinvest in stabilized SHOP assets. - The REIT's 62% seniors housing focus and 19% SHOP allocation reflect strategic diversification toward sustainable long-term value, mirroring crypto investors' utility-driven priorities. - Analysts split on LTC's price trajectory, with Deutsche Bank raising its $34 target to $37, while macroeconomic risks and regulatory uncertainty cloud bulli
Aster News Today: Crypto Market Warms Up After CZ's Pardon, ASTER Surges by 20%
- Aster (ASTER) surged 20% to $1.13 as U.S. pardon of Binance's CZ eased crypto regulatory tensions. - Binance's BNB rose 4%, reflecting broader optimism in CZ-backed projects post-pardon. - Aster announced 70-80% Season 3 trading fees allocated to ASTER buybacks, boosting investor confidence. - The rally contrasts prior $770M liquidations, signaling crypto market normalization amid regulatory clarity.
Trending news
MoreCrypto prices
More
