Trump Grants Pardon to Binance Founder Changpeng Zhao

U.S. President Donald Trump has granted a pardon to Changpeng Zhao, founder of cryptocurrency exchange Binance, according to a White House statement.

"President Trump exercised his constitutional authority by issuing a pardon for Mr. Zhao, who was prosecuted by the Biden Administration in their war on cryptocurrency," the statement said.

Zhao, also known as "CZ," had pleaded guilty in 2023 to violating the Bank Secrecy Act and admitted to enabling money laundering on Binance's platform. He served a four-month prison sentence and agreed to pay a $50 million fine. As part of the plea deal, Zhao stepped down as Binance CEO and was barred from taking part in the exchange's operations.

The pardon follows months of lobbying by Zhao and comes soon after The Wall Street Journal reported that the Trump family's crypto venture, World Liberty Financial, has ties to "a partnership with an under-the-radar trading platform quietly administered by Binance."

In 2023, Binance reached settlements with the U.S. Department of Justice, the Treasury Department, and the Commodity Futures Trading Commission. The company agreed to pay $1.8 billion in fines and forfeit $2.5 billion to resolve allegations of operating without proper anti-money-laundering controls, running an unlicensed money-transmitting business, and violating sanctions laws.

During his sentencing, Zhao told the court, "I failed here. I deeply regret my failure, and I am sorry."