Trump pardons Binance founder: Details here
What's the story
Changpeng Zhao, the founder of cryptocurrency exchange Binance, has been pardoned by US President Donald Trump. The decision comes after Zhao, popularly known as "CZ," was sentenced to four months in prison in April 2024 for violating US money laundering laws. Along with Zhao, Binance also pleaded guilty and was fined $4.3 billion for its role in wilful violations of US laws, including transactions tied to illegal activities, during a US investigation.
Defense
Zhao's prosecution under Biden administration 'war on cryptocurrency'
The pardon has reignited discussions about the White House's stance on cryptocurrency, especially as the Trump family's investments in the sector have grown. White House Press Secretary Karoline Leavitt called Zhao's prosecution under the Biden administration part of a "war on cryptocurrency." She dismissed critics who claimed that Trump's decision was influenced by his personal financial interests, saying it was an "overly prosecuted case" and had been "thoroughly reviewed."
Campaign
Trump's cryptocurrency-friendly approach
Binance spent nearly a year lobbying for a pardon for its former CEO, who completed his prison sentence in September 2024. The campaign coincided with Trump's promise to adopt a more cryptocurrency-friendly approach than his predecessor. Since taking office, Trump has relaxed regulations, proposed a national cryptocurrency reserve, and advocated for allowing Americans to use retirement savings to invest in digital assets.
Gratitude
Zhao's gratitude and future prospects
In light of his pardon, Zhao, who stepped down as Binance CEO in 2023, expressed his gratitude on social media. He thanked President Trump for "upholding America's commitment to fairness, innovation, and justice." The pardon removes restrictions that had barred him from running financial ventures. However, it remains unclear if this would affect his standing with US regulators or allow him to lead Binance directly.
Twitter Post
'Deeply grateful for today's pardon'
Deeply grateful for today’s pardon and to President Trump for upholding America’s commitment to fairness, innovation, and justice.
— CZ 🔶 BNB (@cz_binance) October 23, 2025
🙏🙏🙏🙏
Will do everything we can to help make America the Capital of Crypto and advance web3 worldwide.
(Still in flight, more posts to come.)…
Response
Binance's response and Trump's past partnerships
Binance welcomed the pardon as "incredible news." The exchange, which is registered in the Cayman Islands, continues to be the world's leading platform for trading cryptocurrencies and other digital assets. Before his pardon, Zhao's companies had partnered with businesses linked to Donald Trump on new digital-currency projects. These include Dominari Holdings, based in Trump Tower, where Trump's sons are board members.
Past pardons
Other notable pardons and Zhao's admission of mistakes
The Trump administration had previously dropped a fraud case against crypto entrepreneur Justin Sun, who had invested in the Trump family's crypto firm, World Liberty Financial. Trump has also pardoned the founders of BitMex, another crypto exchange charged with money laundering, and Ross Ulbricht, founder of Silk Road. In his previous statements about the Binance case resolution, Zhao had admitted to making mistakes and taking responsibility for them.