CZ Not Returning to Binance Anytime Soon, Lawyer Says Amid U.S. Scrutiny

CZ’s return to Binance has now been ruled out as his legal counsel suggests the former CEO plans to remain focused on ventures outside of the exchange. She also said the exchange is still under scrutiny by the U.S.

U.S. Scrutiny Keeps CZ From Reentering Binance Leadership

Changpeng Zhao’s lawyer, Teresa Goody Guillén, confirmed in an interview that her client is not returning to leading Binance anytime soon. She said the reason was that the exchange itself is still under tight supervision from a number of agencies in the U.S.

Goody said even with Binance leaving the U.S. market, it is still under review by both internal and external parties. Goody noted that regulators are closely watching the exchange as it makes changes.

Her comments came after rumors that Changpeng Zhao might return as CEO nearly two years after stepping down in late 2023.

However, Zhao has indicated that he is now focusing on YZi Labs, his family office and investment company. He confirmed reports saying he is now more involved in venture investments.

Lawyer Shares Details of Pardon

Goody also gave some information about the presidential pardon process that Zhao went through. This review went through many steps by the pardon attorney at the DOJ, the White House Counsel’s Office, and other federal agencies.

She made it a point to underscore that Zhao’s case was one about failures in compliance, not about allegations of laundering.

The lawyer said the pardon was given because the enforcement action did not match up to the regulatory issues. She believes regulators just wanted a high-profile example “and unfortunately that ended up being Binance and CZ”.

In the interview, they also spoke about the connections linked to Changpeng Zhao’s pardon. When WLFI launched earlier, Binance backed the project. Some people said the exchange was quick to list the token on its platform. This could mean there is some agreement between Binance and the Trump family.

The lawyer called these claims baseless. She explained that USD1 works on several networks. So how does this mean Zhao is involved in any way.

CZ even denied any of these claims. He said he has only met with Eric Trump only once. He also said that this meeting had nothing to do with Binance or his legal issues.