Trump Grants Full Pardon to Binance’s Changpeng Zhao in Move to Strengthen U.S. Crypto Presence
President Donald Trump has pardoned Changpeng Zhao, the convicted founder of the Binance cryptocurrency exchange, in what the White House described as part of his effort to “boost the crypto industry and expunge its past misdeeds.”
Zhao, popularly known as “CZ,” resigned as Binance’s chief executive in 2023 after the company pleaded guilty to failing to maintain an effective anti-money laundering program and paid a $4.3 billion penalty. The billionaire, who also personally paid a $50 million fine and served nearly four months in prison, was prosecuted by the Biden administration “in their war on cryptocurrency,” White House press secretary Karoline Leavitt said in a statement.
Since returning to the office, Trump’s family has earned millions from various crypto ventures — a move that critics have described as a potential conflict of interest. The White House, however, defended the decision, saying it “carefully examined all pardons.”
In a post on X, Zhao said he was “deeply grateful for today’s pardon and to President Trump for upholding America’s commitment to fairness, innovation, and justice.” He added: “Will do everything we can to help make America the Capital of Crypto.”
The full and unconditional pardon could enable Zhao to rejoin the business he co-founded in 2017 and may clear the way for Binance to expand its U.S. footprint under a more crypto-friendly administration.
Democratic Senator Elizabeth Warren condemned the move, saying, “First, Changpeng Zhao pleaded guilty to a criminal money laundering charge. Then he boosted one of Donald Trump’s crypto ventures and lobbied for a pardon. Today, Donald Trump did his part and pardoned him.”
Binance this year supported the Trump family’s crypto project, World Liberty Financial, by accepting its USD1 stablecoin as payment for a $2 billion investment from Abu Dhabi’s MGX.
Zhao’s pardon is the latest in a string of clemency grants by Trump to crypto executives, including BitMEX founders and Silk Road creator Ross Ulbricht, as part of his broader effort to position the United States as a global hub for digital assets.
