Trump Pardons Binance Founder Changpeng Zhao
Former Binance chief executive Changpeng Zhao, widely known as “CZ”, has been granted a presidential pardon by US President Donald Trump, less than a year after serving a four-month prison sentence for violating American money-laundering laws.
Zhao, the founder of the world’s largest cryptocurrency exchange, had pleaded guilty in 2023 to allowing users to bypass US sanctions through Binance. The company itself was fined $4.3 billion following a lengthy federal investigation.
The pardon has sparked renewed debate over the Trump administration’s growing ties to the cryptocurrency industry. Critics say the move could be influenced by the Trump family’s own digital asset ventures, while the White House defended it as a correction of what it called “overreach” by the previous administration.
“This was an overly prosecuted case by the Biden administration,” said White House Press Secretary Karoline Leavitt, describing the pardon as an effort to “restore fairness and innovation.”
According to reports from The Wall Street Journal, Binance had quietly lobbied for Zhao’s pardon since his release in September 2024.
Zhao expressed gratitude on social media, writing that he was “deeply thankful for today’s pardon and to President Trump for upholding America’s commitment to fairness, innovation, and justice.”
The pardon also lifts restrictions that had barred Zhao from leading financial ventures, though it remains unclear whether he can formally return to an executive role at Binance.
In a statement, Binance described the decision as “incredible news,” while continuing to face scrutiny over its compliance record and influence in global markets.
Trump’s decision adds to a series of crypto-related pardons since taking office, including controversial clemency for figures tied to BitMex and the Silk Road marketplace.
Democratic Senator Elizabeth Warren condemned the move, calling it “a kind of corruption,” while venture capitalist Joe Lonsdale said it created the appearance of “massive fraud happening around the president.”
When asked about Zhao’s pardon on Thursday, Trump appeared unfamiliar with the Binance founder, responding, “Are you talking about the crypto person?” before adding that he acted “at the request of a lot of good people.”
