President Donald Trump has granted a full pardon to Changpeng Zhao, the convicted founder of crypto exchange Binance.
The move follows months of lobbying by Zhao and allies who argued his prosecution was politically motivated. Sources said Zhao had also explored partnerships to bolster the Trump family’s own crypto ventures.
Trump signed the pardon on Wednesday, according to the Wall Street Journal, marking one of his most controversial decisions since returning to the White House.
Advisers said he had recently expressed sympathy for Zhao, describing the Binance founder’s case as part of a broader “war on cryptocurrency” waged by the previous administration.
White House press secretary Karoline Leavitt confirmed the pardon, saying Trump had “exercised his constitutional authority” to right what he viewed as a politically driven prosecution.
“The Biden Administration’s war on crypto is over,” she said, according to WSJ.
Zhao, who had pleaded guilty to violating U.S. anti–money laundering laws, was serving a sentence related to Binance’s compliance failures. The pardon effectively clears his record and could reshape Washington’s stance toward the crypto industry.
Rumors had been circulating that former Binance CEO Changpeng Zhao, better known as “CZ,” was under consideration for a presidential pardon this year.
According to FOX Business’ Charles Gasparino, discussions inside the Trump White House had intensified over whether to pardon Zhao this most recent quarter.
Trump’s decision and attention on the matter was reportedly divided between foreign policy flashpoints — including conflicts in Gaza, Ukraine, and renewed trade tensions with China.
Binance or Zhao have not made a public comment yet. This story is developing.
CZ background
Changpeng Zhao’s 2023 conviction marked one of the most high-profile cases in the government’s campaign against major exchanges.
U.S. prosecutors accused Binance of allowing illicit transactions with sanctioned entities and failing to implement proper anti-money-laundering controls. CZ pleaded guilty, stepped down as CEO, and paid a personal fine of $50 million.
Zhao served a four-month prison sentence. He was sentenced in April 2024 and released in September 2024, after spending time in a low-security federal prison in California and then a halfway house.
Despite this, even critics of Binance have questioned whether the criminal charges were proportionate.
Trump’s team reportedly sees Zhao’s situation as an opportunity to demonstrate a “new era” of crypto policy — one that favors innovation over punishment.