President Donald Trump has issued a full and unconditional pardon to Changpeng “CZ” Zhao, founder of the cryptocurrency exchange Binance, erasing his 2023 conviction for failing to maintain anti-money-laundering controls.
Zhao, a leading figure in global crypto markets, resigned as Binance’s chief executive after the company pleaded guilty to compliance failures and agreed to pay $4.3 billion in penalties to US authorities. He personally paid $50 million in fines and served about four months in prison before his release in September 2024.
White House Press Secretary Karoline Leavitt said Trump “exercised his constitutional authority by issuing a pardon for Mr. Zhao, who was prosecuted by the Biden administration in their war on cryptocurrency.”
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In a post on X, Zhao wrote that he was “deeply grateful for today’s pardon and to President Trump for upholding America’s commitment to fairness, innovation, and justice,” adding that he would “do everything we can to help make America the Capital of Crypto.”
The pardon has drawn scrutiny over reported links between Trump-family-affiliated crypto ventures and Binance, including World Liberty Financial, a blockchain platform Binance supported earlier this year. Ethics experts and Democratic lawmakers questioned whether those ties influenced the decision, The Guardian reported.
Trump has issued several pardons for crypto executives since returning to office, fulfilling a campaign promise to end what he called the Biden administration’s “crackdown” on digital assets.
Related: French Authorities Launch Criminal Investigation Into Binance Over Money Laundering Allegations
Crypto markets reacted swiftly to the news. BNB, Binance’s native token, surged by about 8%, while Bitcoin gained between 3 and 5%. Analysts cited the move as a sign of a more crypto-friendly regulatory stance. TradingView (Finance Magnates) noted that investor confidence rose as fears of enforcement actions eased.
Still, experts caution that the long-term impact will depend on whether the administration follows through with clear licensing and oversight rules.
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