U.S. President Donald Trump pardoned the founder of the crypto-exchange Binance, Changpeng Zhao, according to a report by the The Wall Street Journal which cited sources close to the matter.
Trump signed the pardon on Wednesday after months of support efforts by Zhao for the Trump family’s crypto company.
Zhao — known as “CZ” — is a China-born Canadian businessman and co-founder of Binance. After pleading guilty in the U.S. in November 2023 to money-laundering related charges, he resigned as CEO. In April 2024 he was sentenced to four months in prison, and completed his term in September 2024.
Trump reportedly told his advisers that he sympathised with the arguments that Zhao was subject to political persecution.
White House Press Secretary Karoline Leavitt confirmed the pardon, saying: “Trump used his constitutional authority to issue a pardon for Mr Zhao, who was prosecuted by the Biden administration in the war on crypto.” She added: “The Biden administration’s war on cryptocurrency is over.”
Additional information:
- According to media reports, Binance under Zhao’s leadership reached a settlement of roughly $4.3 billion with U.S. regulators over violations of anti-money-laundering and sanctions laws.
- The pardon has raised questions about the regulatory approach to crypto in the U.S., and whether this marks a shift in policy.
- Some reports suggest that the Trump family’s crypto venture, World Liberty Financial, had been in talks with Binance about a possible stake or collaboration, which coincided with efforts for Zhao’s pardon.
