Trump pardons Binance founder Changpeng Zhao, ending major crypto crackdown
US President Donald Trump
Abdullateef Fowewe
President Trump has issued a pardon to Changpeng Zhao, the billionaire founder of Binance, wiping clean his 2023 money-laundering conviction and signaling an end to one of the U.S. government’s most significant crackdowns on cryptocurrency crime.
“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 Biden Administration’s war on crypto is over,” White House spokeswoman Karoline Leavitt said on Thursday.
Zhao, known as CZ and worth an estimated $90 billion, pleaded guilty last year to violations that allowed illicit actors to use Binance’s platform.
He served four months in federal prison before his release in September 2024.
The pardon continues a trend of Trump easing enforcement on high-profile crypto figures. Zhao, who stepped down as Binance CEO but remains the majority owner, may now resume direct control of the world’s largest crypto exchange, which has at times handled two-thirds of all digital currency transactions globally.
Zhao’s clemency came after a concerted legal and lobbying effort tied closely to Trump allies.
“To spearhead his clemency push, Mr. Zhao hired Teresa Goody Guillén, a former SEC lawyer, and Ches McDowell, a lobbyist and hunting companion of Donald Trump Jr.,” sources report.
Binance also formed a lucrative partnership with World Liberty Financial, a crypto startup affiliated with the Trump family, projected to generate tens of millions annually.
Reflecting on his pardon, Zhao commented on his ties to the UAE and business lessons from past pardoned tycoons: “Many top U.S. entrepreneurs get U.A.E. citizenships… I implore you to visit some time.” This prompted criticism from conservative influencer Laura Loomer, who questioned the legitimacy of his citizenship and clemency.
