Esther Imonmion
US President Donald Trump on Thursday, October 24, 2025, granted a presidential pardon to Changpeng Zhao, founder of the world’s largest cryptocurrency exchange, Binance.
Zhao, popularly known as “CZ,” was sentenced to four months in prison in April 2024 after pleading guilty to violating US money-laundering laws. Binance also pleaded guilty and was fined $4.3 billion (£3.4 billion) following a US investigation that found it had helped users bypass sanctions.
The pardon has reignited debate over the Trump administration’s growing ties to the cryptocurrency industry, especially as members of the Trump family have deepened their own investments in digital assets.
White House Press Secretary Karoline Leavitt described Zhao’s prosecution under the Biden administration as part of a “war on cryptocurrency,” saying the president acted to “correct this overreach of the Biden administration’s misjustice.”
According to the Wall Street Journal, Binance had spent nearly a year lobbying for Zhao’s pardon. Zhao completed his four-month sentence in September 2024.
Trump, who launched his own cryptocurrency coin shortly before his January 2025 inauguration, has since loosened regulations on the sector, proposed a national cryptocurrency reserve, and supported policies allowing Americans to use retirement savings for digital-asset investments.
Reacting to the pardon, Zhao expressed gratitude on social media, writing that he was “deeply grateful for today’s pardon and to President Trump for upholding America’s commitment to fairness, innovation, and justice.”
The pardon removes restrictions preventing Zhao from leading financial ventures, though it remains unclear if he can resume a direct role at Binance.
In a statement, Binance called the decision “incredible news.” The exchange, registered in the Cayman Islands, remains the world’s largest platform for buying and selling cryptocurrencies.
Before the pardon, Zhao’s firms had partnered with companies linked to the Trump family, including Dominari Holdings, based in Trump Tower. Representatives of the family’s crypto firm, World Liberty Financial, had also held talks with Binance, according to the Wall Street Journal.
Trump’s administration has previously pardoned other crypto figures, including the founders of BitMex and Silk Road founder Ross Ulbricht.
Not all reactions were positive. Palantir co-founder Joe Lonsdale said the move made it appear “massive fraud is happening around him,” while Senator Elizabeth Warren denounced the decision as “a kind of corruption.”
When asked about Zhao on Thursday, Trump appeared uncertain, replying, “Are you talking about the crypto person?” before adding that he acted “at the request of a lot of good people.”
When the Binance guilty plea was announced in 2023, then-Treasury Secretary Janet Yellen said the company’s “wilful failures allowed money to flow to terrorists, cybercriminals, and child abusers.”
Zhao had stepped down as Binance CEO as part of the plea deal, admitting at the time, “I made mistakes, and I must take responsibility.”