Former U.S. President Donald Trump has granted a presidential pardon to Binance founder Changpeng Zhao, widely known as CZ, who previously pleaded guilty to money-la¥ndering-related charges while leading the world’s largest cryptocurrency exchange.
The White House, in a statement issued Thursday by Press Secretary Karoline Leavitt, said Trump’s decision was an exercise of his constitutional authority and described Zhao’s prosecution under the Biden administration as part of a “w+r on cryptocurrency.”
“In their desire to punish the crypto industry, the Biden Administration pursued Mr. Zhao despite no allegations of fra¥d or identifiable victims,” Leavitt stated.
The pardon comes just two months after The Wall Street Journal reported that the Trump family’s own crypto venture which has generated about $4.5 billion since the 2024 election was supported through a partnership with a trading platform linked to Binance.
Zhao had pleaded guilty in November 2023 to violating the Bank Secrecy Act and stepped down as Binance CEO as part of a $4.3 billion settlement with the U.S. Department of Justice. He was sentenced in April 2024 to four months in prison, though prosecutors had sought a three-year term.
Leavitt noted that the judge in Zhao’s case had described the government’s sentencing request as “unheard of in 30 years,” adding that the Biden administration’s actions “damaged America’s reputation as a leader in technology and innovation.”
“The Biden Administration’s war on crypto is over,” she declared.
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