US President Donald Trump has granted a presidential pardon to Changpeng Zhao, the founder of cryptocurrency exchange Binance. The decision has sparked strong reactions, with Trump defending his move and saying Zhao “was not guilty of anything.”
Speaking to reporters, Trump said he had never personally met Zhao but decided to pardon him “at the request of a lot of very good people.” When asked why he chose to pardon the Binance founder, Trump replied, “I believe we’re talking about the same person, because I do pardon a lot of people. He was recommended by many people. They say what he did wasn’t even a crime. He was persecuted by the Biden administration.”
Zhao, often known as “CZ,” was released from prison in 2024 after serving four months for violating the Bank Secrecy Act. He was the first person to be jailed under that law. Prosecutors had described his offenses as the most serious violations of the act to date.
Trump’s decision has raised questions after recent reports suggested possible business connections between the Trump family and World Liberty Financial, the president’s family-owned crypto company. When asked about alleged corruption, White House Press Secretary Karoline Leavitt dismissed the claims.
“The president is exercising his constitutional authority to grant clemency requests,” she said. “Every case is thoroughly reviewed by the White House Counsel Office. This was an overly prosecuted case by the Biden administration.”
Following the announcement, Zhao expressed his gratitude on X (formerly Twitter), writing, “Deeply grateful for today’s pardon and to President Trump for upholding America’s commitment to fairness, innovation, and justice.” He added that he aims to help make America “the Capital of Crypto” and continue advancing web3 technology worldwide.
Zhao, born in China and now a Canadian citizen, founded Binance in 2017 after earlier roles at Blockchain.com and Bloomberg. He stepped down as Binance CEO in 2023 after the company pleaded guilty to violating US anti-money laundering laws and paid a $4.3 billion fine.
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Shivam Verma is a journalist with over three years of experience in digital newsrooms. He currently works at NewsX, having previously worked for Firstpost and DNA India. A postgraduate diploma holder in Integrated Journalism from the Asian College of Journalism, Chennai, Shivam focuses on international affairs, diplomacy, defence, and politics. Beyond the newsroom, he is passionate about football—both playing and watching—and enjoys travelling to explore new places and cuisines.
