CZ: Has never met with Trump, expresses "surprise" at the presidential pardon

On November 9, 2025, CZ stated in an exclusive interview with Fox News that he was surprised by President Trump’s pardon and clarified that he had never met or engaged in business with Trump or his family members. The pardon, executed in October, triggered strong backlash from Democrats, with House Representative Maxine Waters accusing the move of being a “quid pro quo,” and Senators Elizabeth Warren and Bernie Sanders jointly writing to the Attorney General to request an investigation into the pardon process. Despite political pressure, CZ’s legal team insists that his guilty plea under bank secrecy laws is fundamentally different from direct money laundering charges, and reports suggest that his back-end exchange, CEX, is exploring pathways to re-enter the U.S. market post-pardon.

Pardon Procedure and Political Reactions

The decision to pardon CZ by Trump followed a legal process that was compliant with statutory procedures but was expedited. According to Department of Justice records, CZ’s legal team submitted a pardon petition in April 2025. Typically, such applications undergo a 12-18 month review, but this case was completed within 6 months. This acceleration aligns with Trump’s campaign promises in the crypto space—he explicitly stated at a rally in October that he would “end political persecution of the crypto industry.”

Democratic responses have formed a unified front. House Financial Services Committee ranking member Maxine Waters issued a statement on November 7 accusing the pardon of benefiting Trump’s family’s cryptocurrency project, World Liberty Financial (WLFI), emphasizing that “$175 million in political donations cannot buy judicial immunity.” On the Senate side, Warren and Sanders, along with 12 other Democratic senators, sent a letter to Attorney General Pam Bondi demanding disclosure of records from the pardon advisory committee and external communications.

Legal experts are divided on the basis of the pardon. Former federal prosecutor Katie Haun noted that CZ’s plea agreement had already excluded imprisonment, and the pardon mainly removes potential civil liabilities and travel restrictions. Conversely, Stanford Law Professor David Sklansky argued that this case sets a precedent of granting full pardons to executives admitting to willful violations of banking laws, potentially weakening regulatory deterrence.

Business Relations and Market Impact

The only confirmed contact between CZ and the Trump family occurred at the 2024 Abu Dhabi Bitcoin Middle East & North Africa Conference. According to the event attendee list, CZ and Eric Trump both delivered keynote speeches, but seating arrangements indicated they were in different zones. A spokesperson for Eric Trump later clarified that a brief photo op did not constitute a business relationship, and WLFI was not operational during the conference.

Behind the scenes, the U.S. branch of CEX is quietly reassessing its restart plans. Internal documents obtained by The Block reveal that the legal team is analyzing how the pardon might impact various licensing applications, including Money Services Business (MSB) licenses and state remittance permits. However, the New York Department of Financial Services (NYDFS) stated on November 8 that the pardon does not alter its 2023 ban on the relevant CEX, indicating ongoing state-level regulatory resistance.

Global regulatory responses vary by region. The UK Financial Conduct Authority (FCA) maintains a market warning against the CEX, while Japan’s Financial Services Agency (FSA) said it would “reassess based on new facts.” The most proactive response comes from the UAE, where Dubai’s Virtual Assets Regulatory Authority (VARA) has invited CEX to participate in its regulatory sandbox. This divergence reflects the lack of a unified global approach to crypto regulation.

Legal Disputes and Fact-Checking

Warren’s legal confrontation with CZ centers on the accuracy of allegations. In a tweet on October 23, Warren claimed CZ “violated anti-money laundering laws,” which differs subtly but significantly from his actual guilty plea for “failing to maintain an effective anti-money laundering program.” CZ’s attorney Teresa Goody Guillén pointed out that such statements could mislead the public into thinking his clients were directly involved in money laundering activities.

Fact-checking organizations have verified key claims. The Associated Press found that WLFI’s $175 million in funding primarily came from traditional venture capital firms. Although media reports have labeled CEX as an early investor, company records do not show direct investments. Additionally, the accusation of lobbying for the pardon lacks direct evidence; disclosures indicate the CEX spent $1.2 million in 2024 on general policy advocacy.

The legal implications of the pardon are also assessed. While federal charges are cleared, civil litigation by the CFTC remains ongoing, and the pardon does not affect parallel investigations by the SEC. More critically, under the Immigration and Nationality Act, the Attorney General can still deny visas to non-citizens based on “moral turpitude,” which could impose travel restrictions on CZ, a Canadian citizen.

Industry Impact and Future Outlook

The politicization of the crypto industry is accelerating. Following CZ’s pardon, the Crypto Political Action Committee (PAC) donated $80 million to Republican groups, setting a record for midterm election cycles. Meanwhile, the number of Democratic crypto advocates decreased by 15% in November, indicating a polarization of industry political stances.

The regulatory environment for exchanges may undergo restructuring. The pardon case has prompted CFTC Chairman Rostin Behnam to propose a “Crypto Compliance Improvement Program,” allowing exchanges to proactively disclose issues and undertake remedial actions to reduce liability. This shift from punitive to corrective regulation could provide clearer compliance pathways for the industry.

Regarding CZ’s personal career trajectory, while his lawyers deny immediate plans to return to management, industry sources suggest CZ is forming a venture fund focused on compliance technology. This aligns with his publicly stated goal of “reforming the industry from within” and reflects a cautious approach post-pardon to avoid direct operational involvement.

Conclusion

CZ’s pardon has transcended individual circumstances, becoming a milestone in the collision between the crypto industry and traditional political systems. Despite ongoing legal and political disputes, the case highlights the growing political influence of digital assets. For exchanges and the broader industry, the pardon presents both an opportunity for a fresh start and a test of genuine compliance efforts. In the ongoing tension between regulation and innovation, this event may ultimately push the industry toward more mature political engagement strategies and stronger governance structures, laying the groundwork for future development.