Today in crypto, Binance founder Changpeng “CZ” Zhao received a pardon from US President Donald Trump, clearing the way for a possible return to the exchange. Revolut secured a MiCA license from the Cyprus Securities and Exchange Commission, while Bitcoin miners’ debt has surged 500% over the past year as firms race to meet rising demand from AI and crypto mining.
Binance confirms CZ received presidential pardon from Trump
US President Donald Trump has pardoned convicted Binance founder Changpeng “CZ” Zhao, following months of lobbying and appeals from the company and its former CEO, The Wall Street Journal reported Thursday, citing people familiar with the matter.
President Trump signed the pardon on Wednesday, the people said, though no official details have been published on the White House website or in the Federal Register, where presidential pardons are typically announced. The information was later confirmed by Binance.
Zhao pleaded guilty in November 2023 to one count of failing to implement an adequate Anti-Money Laundering (AML) program at Binance, violating the Bank Secrecy Act. As part of his plea, Zhao agreed to step down from his role at Binance.
In April 2024, Zhao was sentenced to four months in a US prison. He was subsequently released from custody in September.
Binance confirmed the presidential pardon to Cointelegraph, sharing the following statement:
“Incredible news of CZ’s pardon today. We thank President Trump for his leadership and for his commitment to make the US the crypto capital of the world. CZ’s vision not only made Binance the world’s largest crypto exchange but shaped the broader crypto movement.”
Revolut secures MiCA license in Cyprus to launch Europe-wide crypto services
Revolut obtained a MiCA license from CySEC, enabling it to offer regulated crypto services across all 30 markets in the European Economic Area (EEA).
The move boosts Revolut’s expansion in the crypto market as the fintech prepares to launch its next-generation “Crypto 2.0” platform, the company said in a news release shared with Cointelegraph.
“This authorisation enables us to deliver groundbreaking crypto products with enhanced transparency and trust for our growing customer base, while further reiterating our commitment to crypto as an asset class,” said Costas Michael, CEO of Revolut Digital Assets Europe.
The MiCA license allows Revolut to market its full suite of crypto products under the regulatory framework. The company, which serves more than 65 million customers worldwide, including 40 million in Europe, will use the license to expand its crypto trading, staking and stablecoin offerings, per the announcement.
Revolut also unveiled a suite of new products, including its next-generation crypto platform, Crypto 2.0, which will include access to over 280 tokens, zero-fee staking with returns of up to 22% annual percentage yield and 1:1 stablecoin-to-US dollar conversion without spreads.
“When paired with crypto-enabled Revolut Visa/Mastercard cards, seamless on/off-ramping tools, and Revolut X’s low trading fees (0.00%–0.09%), the platform delivers one of the broadest and most cost-effective crypto experiences in Europe,” the company wrote.
Last year, Revolut introduced Revolut X, a dedicated desktop crypto exchange targeting experienced traders. The platform offers trading for 100 tokens with low fees and real-time on/off-ramp capabilities.
Bitcoin miner debt surges 500% as miners beef up for the hashrate fight
Debt among Bitcoin miners has increased from $2.1 billion to $12.7 billion in just 12 months as they race to meet demands for artificial intelligence and Bitcoin production, according to investment giant VanEck.
Without continued investment in the latest machines, a miner’s share of the global hashrate deteriorates, resulting in a reduced share of the daily awarded Bitcoin, VanEck analysts Nathan Frankovitz and Matthew Sigel said on Wednesday in their October Bitcoin ChainCheck report.
“We refer to this dynamic as the melting ice cube problem. Historically, miners relied on equity markets, not debt, to fund these steep Capex costs,” they said.
A growing number of Bitcoin miners have been diversifying income streams by shifting their energy capacity toward AI and HPC hosting services after the April 2024 halving cut mining rewards to 3.125 Bitcoin, hurting overall profitability.
At the same time, several miners who the pair spoke to for the report revealed they are exploring methods to monetize excess electrical capacity when demand for AI services is low.
