WASHINGTON, United States — U.S. President Donald Trump has granted a presidential pardon to Changpeng Zhao (CZ), the billionaire founder of global cryptocurrency exchange Binance, in a move that has reignited fierce debate over political influence, digital finance, and corporate accountability.
The pardon, announced by White House Press Secretary Karoline Leavitt on Thursday, ends Zhao’s legal restrictions following his conviction for violating U.S. anti–money laundering laws and marks the latest in a string of White House clemencies granted to executives in the technology and financial sectors.
“President Trump has exercised his constitutional authority by issuing a pardon for Mr. Zhao, who was prosecuted by the Biden Administration in their war on cryptocurrency,” Leavitt said in a statement.
Zhao, who founded Binance in 2017, was sentenced to four months in prison in April 2024 after the company admitted to helping users bypass U.S. sanctions and failing to prevent illicit transactions.
Binance agreed to pay a record $4.3 billion settlement with U.S. authorities, and Zhao stepped down as CEO as part of the plea deal.
Trump’s decision effectively clears Zhao to resume leadership in the crypto industry, though it remains unclear whether U.S. financial regulators will allow him to return to Binance’s top role.
The company, headquartered in the Cayman Islands, remains the world’s largest cryptocurrency exchange by trading volume.
The White House defended the move, saying the case had been “over-prosecuted” under the previous administration.
“This was an overly prosecuted case by the Biden administration,” Leavitt said. “The president wants to correct this overreach and uphold America’s commitment to innovation and fairness.”
Zhao, 47, expressed gratitude shortly after the announcement, writing on social media:
“I am deeply grateful for today’s pardon and to President Trump for upholding America’s commitment to fairness, innovation, and justice.”
The decision sparked both celebration and condemnation. Pro-crypto groups hailed the move as a victory for digital freedom, while critics accused the Trump administration of conflict of interest, citing the family’s deepening ties to the cryptocurrency industry.
The Wall Street Journal reported that Trump’s relatives hold advisory roles in Dominari Holdings, a crypto firm linked to Binance, and are involved in World Liberty Financial, the Trump family’s digital currency venture.
Senator Elizabeth Warren, a leading Democrat, described the pardon as “a kind of corruption,” arguing that it “sends a dangerous signal that financial crimes by the powerful can be erased through political favour.”
Palantir co-founder Joe Lonsdale, a Trump supporter, also criticized the decision, saying:
“I love Trump, but this makes it look like massive fraud is happening around him in this space. He’s been terribly advised on these pardons.”
Trump, when asked about the pardon, appeared momentarily unfamiliar with Zhao, saying, “Are you talking about the crypto person?” before adding that he acted “at the request of a lot of good people.”
The pardon follows Trump’s earlier clemency for BitMEX founders, who faced similar anti–money laundering charges, and Ross Ulbricht, founder of the Silk Road darknet marketplace.
Under Trump’s second term, Washington has moved to relax crypto regulations, with the administration proposing the creation of a national cryptocurrency reserve and allowing retirement savings to include digital assets.
Zhao’s release now sets the stage for a potential comeback in the cryptocurrency world — one that could further blur the lines between financial innovation and political influence in an era where digital assets are increasingly reshaping global markets.
