Let’s start by making a quick recap.
Changpeng Zhao (often called CZ) is Binance’s founder. Back in November 2023 he was charged with violating the Bank Secrecy Act, basically breaking U.S. anti-money laundering laws. He then served 4 months in prison and paid a $50 million fine out of his own pocket (ouch!). But maybe even worse, he got slapped with a lifetime ban from running Binance (OUCH!!).
That could have easily been the end of his story — a fallen founder, a cautionary tale. But in crypto, comebacks are kind of part of the culture.
The Rebuild
Fast-forward a year, and we can say that he’s gone from inmate to gold icon.
After his release last year, CZ didn’t disappear completely. He pulled a kind of Yoda move (but crypto version), advising governments from Pakistan to Kyrgyzstan on blockchain policy (yep that’s why they’re so active recently), while his venture fund YZi Labs poured billions into Web3, AI, and biotech.
That YZi Labs part is important, it’s where CZ has been channeling his activity in the crypto world. The fund, formerly Binance Labs, has backed projects like Aster and Ethena, moving deep into the frontier of DeFi, synthetic assets, and on-chain derivatives.
He may have lost his executive chair in Binance, but he didn’t lose his influence in crypto space that’s for sure.
The Pardon
Times have changed! Now it’s 2025, and the crypto ecosystem is in a way more positive slope than these past few years.
Donald Trump is back in the White House and has decided to end Biden’s so-called “war on crypto” from day one of his second mandate. His latest major decision has been to pardon CZ.
The announcement came with some of Trump’s classic explanations like “They said he wasn’t guilty of anything… I don’t even know him, but he had a lot of support” and so on.
But more seriously, the White House statement called it a necessary correction claiming the Biden administration’s actions had “damaged America’s leadership in innovation.” Meanwhile, critics like Senator Elizabeth Warren weren’t having it, calling the move “a troubling sign of crypto’s political influence.”
Whatever the angle, the symbolism was clear: this wasn’t just a legal pardon, it was the political stance crypto had been waiting for.
The Icon
A few days after the announcement, a giant golden statue of CZ appeared in front of the U.S. Capitol. Standing 14 feet tall, arms crossed and four fingers raised (his anti-FUD salute), it came like a tribute (and maybe a bit of provocation too) but really as a shiny symbol of his comeback and probably a reference to Trump’s recent statue as well.
The installation, funded by an anonymous collective, was presented as a “tribute to innovation.” But depending on who you asked, it was either a celebration of resilience (for crypto bros mainly), a “monument to corruption” (for political opponents mainly), but presented simply as art by the creators themselves.
The Influence
Now pardoned, let's see if CZ will head back to the crypto main stage. In any case, it highlighted once again the rising influence of this ecosystem over the political landscape and the daily life of the people, plus the shift of opinion toward the ecosystem and its people.
CZ’s story, from prison to pardon and icon, mirrors the larger evolution of crypto into a more positive image and a stronger influence on our society.
Disclaimer: The content provided in this article is for educational and informational purposes only and should not be considered financial or investment advice. Interacting with blockchain, crypto assets, and Web3 applications involves risks, including the potential loss of funds. Venga encourages readers to conduct thorough research and understand the risks before engaging with any crypto assets or blockchain technologies. For more details, please refer to our terms of service.