Binance (BNB) co-founder Changpeng Zhao says the Biden administration targeted him to send a warning to the broader crypto industry.

CZ Prison Sentence Explained

Zhao, widely known as CZ, told Fox Business host Charlie Gasparino on Tuesday that the previous US administration was "openly declaring war on crypto."

He said regulators tried to "make an example" out of him and Binance because they were the biggest players in the market.

The former chief executive served four months in federal prison between June and September 2024.

CZ pleaded guilty in 2023 to violating the Bank Secrecy Act and paid a $50 million personal penalty.

Binance itself agreed to pay more than $4 billion to resolve a Department of Justice probe that same year.

Zhao stressed that he faced a single charge, with no money laundering, "no fraud," and "no victims." He argued that no one in US history had gone to jail on that charge alone before his case.

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Trump Pardon Surprise

The Binance founder said President Donald Trump's October pardon did not shock him, but the timing did.

"The timing was not known to me; this is a black box process. You submit the petition and just wait," CZ said.

He had expected relief after Trump pardoned Silk Road founder Ross Ulbricht and former BitMEX chief Arthur Hayes earlier in the year.

Zhao also rejected claims that he paid for the pardon, telling Fox Business he has no business, investment, or shareholding ties to Trump or the first family.

The pardon drew fierce pushback from members of Congress, who questioned Trump's rationale and flagged possible conflicts of interest. In November, Trump said he did not know Zhao personally but viewed him as another "victim of weaponization" by the prior administration.

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