Trump pardons Binance CEO Changpeng Zhao. (Photo: ANI, X)
US President Donald Trump has granted a full pardon to Changpeng Zhao, the founder of Binance, the world’s largest cryptocurrency exchange, marking a dramatic reversal in Washington’s stance on the crypto industry.
The White House said in a 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 war on crypto is over.”
Zhao, widely known by his initials CZ, pleaded guilty in late 2023 to a single charge of failing to maintain an anti-money laundering program. He stepped down as Binance CEO and agreed to a $4.3 billion settlement with U.S. authorities, receiving a four-month prison sentence. Binance was barred from operating in the United States during his legal troubles.
The pardon is seen as a major win for Zhao and Binance, following months of speculation and lobbying. It also signals a broader shift toward easing crypto oversight, coinciding with Trump and his family pursuing their own multibillion-dollar cryptocurrency ventures.
Binance, which processes over $65 billion in transactions daily, said in a statement, “Incredible news of CZ’s pardon today. We thank President Trump for his leadership and for his commitment to make the U.S. the crypto capital of the world.”
Earlier this year, the Trump family’s crypto firm, World Liberty Financial, reportedly explored acquiring a stake in Binance’s U.S. arm, though Zhao denied any connection between his pardon and such a deal.
The move has drawn criticism from Democratic lawmakers. Senators including Elizabeth Warren warned that Binance’s ties to the Trump administration could “enrich the president” while undermining financial oversight.
Zhao took to X after the pardon, writing, “Deeply grateful for today’s pardon and to President Trump for upholding America’s commitment to fairness, innovation, and justice. Will do everything we can to help make America the Capital of Crypto and advance web3 worldwide.”
The pardon comes after the Justice Department in 2023 described Binance’s actions as “coordinated” across multiple federal agencies. At the time, then-Attorney General Merrick Garland said, “Binance became the world’s largest cryptocurrency exchange in part because of the crimes it committed now it is paying one of the largest corporate penalties in U.S. history.”
This development is expected to impact the regulatory environment for cryptocurrencies in the US., signaling a possible return to more lenient oversight for the sector and major players like Binance.
Sofia Babu Chacko is a journalist with over five years of experience covering Indian politics, crime, human rights, gender issues, and stories about marginalized communities. She believes that every voice matters, and journalism has a vital role to play in amplifying those voices. Sofia is committed to creating impact and shedding light on stories that truly matter. Beyond her work in the newsroom, she is also a music enthusiast who enjoys singing.
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