Binance founder Changpeng Zhao says that Binance is not looking to receive a refund of fines paid as part of its 2023 settlement with the U.S. Department of Justice following his recent presidential pardon.
“Ah, delicate question,” Zhao, who is the former Binance CEO, said Monday on X in response to the question from author and blockchain adviser Anndy Lian. “I appreciate the pardon already. There is a balance in asking for more vs ‘what is fair’ vs appreciate what you got already.”
“IF we get any refund, we will be investing that in America anyway, to show our appreciation,” he added.
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However, according to Zhao, no such request has been made.
Zhao in November 2023 pleaded guilty alongside Binance to “failing to maintain an effective anti-money laundering (AML) program, in violation of the Bank Secrecy Act.” The DOJ alleged that these violations allowed money from child abusers, cybercriminals and terrorists to flow through the exchange.
Binance was slapped with a $4.3 billion fine, while Zhao was fined $50 million and agreed to relinquish control of the company. In addition, he served a four-month prison sentence from May to September 2024.
President Donald Trump, however, pardoned Zhao last month, saying that he was “a victim of weaponization by government.”
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While a pardon can lead to the forgiveness of fines yet to be paid, it does not entitle the person to a refund of penalties already paid, legal experts have said.
Meanwhile, such a move in the case of Zhao would likely attract significant backlash from Democrats.
Rep. Maxine Waters (D-CA) last month said Trump’s decision to pardon Zhao reflected “corruption, self-interest, and loyalty to criminals over working-class American families.”
Sens. Elizabeth Warren (D-MA) and Adam Schiff (D-CA) also introduced a resolution condemning the pardon.
“President Trump’s pardon of Binance founder Changpeng Zhao is just the latest example of the president’s use of the pardon power as a means of rewarding wealthy donors and allies, and enriching himself,” Schiff said.
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The reactions followed Binance’s involvement with the Trump family’s decentralized finance project World Liberty Financial.
Binance, in March, received a $2 billion investment from the Abu Dhabi-owned investment company MGX in World Liberty Financial’s stablecoin USD1.
Meanwhile, the exchange also helped write the code for that same stablecoin, The Wall Street Journal reported last month.
Trump and the White House have denied that these moves from Binance influenced Zhao’s pardon.
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