President Donald Trump has issued a full pardon to Changpeng Zhao, the convicted founder of cryptocurrency exchange Binance.
The move comes after months of pressure from Zhao and his allies, who said his trial was politically motivated. Zhao also explored partnerships to boost the Trump family’s cryptocurrency projects, the sources said.
Trump signed the pardon on Wednesday. According to to the Wall Street Journal, marking one of his most controversial decisions since returning to the White House.
He recently expressed sympathy for Zhao, describing the Binance founder’s case as part of a broader “war on cryptocurrencies” waged by the previous administration, advisers said.
White House press secretary Carolyn Leavitt confirmed the pardon, saying Trump had “exercised his constitutional authority” to correct what he viewed as a politically motivated prosecution.
“The Biden administration’s war on cryptocurrencies is over,” she said. Wall Street Journal.
Zhao, who pleaded guilty to violating US anti-money laundering laws, was serving a sentence related to Binance’s failure to comply. The pardon effectively clears his record and could reshape Washington’s stance toward the cryptocurrency industry.
Rumors have been circulating that former Binance CEO Changpeng Zhao, known as “CZ,” was under consideration for a presidential pardon this year.
According to FOX Business’ Charles Gasparino, discussions within the Trump White House over whether to pardon Chao intensified last quarter.
Trump’s decision and attention on the matter were reportedly divided between foreign policy flashpoints — including the conflicts in Gaza and Ukraine and renewed trade tensions with China.
Neither Binance nor Zhao have made a public comment yet. This story is evolving.
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Changping Zhao’s 2023 conviction served as one of the highest-profile cases in the government’s crackdown on major exchanges.
US prosecutors accused Binance of allowing illicit transactions with sanctioned entities and failing to implement adequate anti-money laundering controls. CZ pleaded guilty, resigned as CEO, and paid a personal fine of $50 million.
Chow served a four-month prison sentence. He was sentenced in April 2024 and released in September 2024, after serving time in a low-security federal prison in California and then in a halfway house.
Despite this, even Binance’s critics have questioned whether the criminal charges are proportionate.
The Trump team reportedly sees Zhao’s situation as an opportunity to demonstrate a “new era” of cryptocurrency policy — one that favors innovation over punishment.
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