Crypto Billionaire Changpeng Zhao Claims Biden Administration Tried To Make An 'Example' Out Of Him

Founder and former CEO of Binance (CRYPTO: BNB) Changpeng “CZ” Zhao said Tuesday that the Biden administration personally targeted him to set an “example” in cryptocurrency enforcement.

CZ Alleges Biden Administration Was ‘Hostile’

CZ pleaded guilty to violating the Bank Secrecy Act, a law that requires financial institutions to help government agencies detect and prevent money laundering, in 2023. As part of the settlement,  he paid a $50 million fine, stepped down as the company's CEO and subsequently served four months in prison.

During an interview with Fox Business, CZ was asked whether the previous administration had targeted him to set an example. He replied, “I think so, yes.”

The cryptocurrency billionaire said that the Biden administration had declared a “war on crypto,” forcing the industry to operate in a “hostile” environment.

CZ said that Democrats underestimated the number of pro-crypto voters in the last election, which, according to him, got swayed by President Donald Trump’s pro-crypto agenda.

CZ Trains Guns On Warren

He found it “shocking” that even after Democrats lost the elections, some of their lawmakers, including Sen. Elizabeth Warren (D-Mass.), are still declaring a war on cryptocurrency.

Benzinga reached out to Warren and the Democratic Party for comment, but has not yet heard back.

Controversy Around CZ’s Pardon

CZ was pardoned by Trump last year. Trump said that he doesn't know CZ personally and never met him, but he was told by a "lot of people" that CZ didn't commit any crime and was "persecuted" by the Biden administration.

Warren was severely critical of CZ’s pardon. She alleged a potential quid pro quo between him and the Trump family, citing Binance's involvement in a $2 billion investment through the World Liberty Financial USD (USD1) stablecoin.

CZ had rejected these claims, accusing Warren of distorting the facts surrounding his conviction

Photo courtesy: Koshiro K on Shutterstock.com

© 2020 Benzinga.com - Benzinga does not provide investment advice. All rights reserved.