Trump Grants Presidential Pardon to Binance Founder CZ

U.S. President Donald Trump has issued a presidential pardon to Changpeng “CZ” Zhao, the founder and former chief executive of Binance, according to reports confirmed by the White House. The pardon, signed on Wednesday, has not yet appeared on the official White House website or in the Federal Register, where such actions are typically recorded.

White House Press Secretary Karoline Leavitt said Trump exercised his constitutional authority to pardon Zhao, calling the case an example of government overreach and declaring that the Biden administrations “war on cryptocurrency is over.” The White House did not clarify whether Zhao had formally requested the pardon or if conditions were attached. Binance has not released a statement.

Zhao pleaded guilty in November 2023 to failing to maintain an adequate anti-money laundering program at Binance, a violation of the Bank Secrecy Act. He stepped down as CEO, paid a $50 million fine, and served a four-month prison sentence after Binance itself agreed to a $4.3 billion settlement with U.S. authorities. His release in September 2024 marked the end of a high-profile case that fueled debate over how aggressively regulators should police digital asset exchanges.

The pardon erases Zhaos conviction, potentially removing barriers that had prevented him from holding executive roles in regulated financial entities. However, legal experts note that his plea agreement with the Department of Justice, which included a lifetime ban on executive authority at Binance, may still stand unless formally challenged.

Speculation about a pardon had grown in recent weeks after Zhao removed the “ex-@binance” label from his social media bio. Betting markets and media reports suggested Trump was considering the move, with allies describing Zhaos prosecution as excessive. The decision follows a string of crypto-related pardons, including those for BitMEX co-founders and Silk Road founder Ross Ulbricht, signaling a broader political strategy to appeal to crypto voters and donors.

Zhao remains Binance‘s largest shareholder and retains influence over strategic decisions, though any return to leadership would depend on regulatory clearance and the stance of current CEO Richard Teng. Analysts say the pardon strengthens Zhao’s position within the global crypto community, where his case is seen as emblematic of the clash between innovation and enforcement in the U.S. financial system.

Industry reaction has been swift, with reports of heightened morale among Binance employees and renewed optimism among customers. Political analysts suggest the pardon could deepen partisan divides over digital asset regulation, with Democrats likely to frame it as leniency toward corporate misconduct. The Department of Justice has not commented on whether Zhao‘s fines or Binance’s settlement obligations could be revisited.

For now, Zhao‘s legal record has been cleared, setting the stage for one of the most closely watched potential comebacks in the crypto industry since the collapse of FTX. Whether he reclaims a leadership role or remains a symbolic figure will shape how markets interpret the long-term impact of Trump’s decision.