President Trump pardons Binance founder Changpeng Zhao

President Donald Trump has pardoned Changpeng Zhao, the founder of Binance and one of the crypto industry’s most influential figures, marking a dramatic turn in Washington’s relationship with digital assets and drawing scrutiny over the Trump family’s growing financial interests in crypto.Zhao, known as “CZ,” served four months in prison after pleading guilty in 2023 for his failure to maintain an anti–money laundering program at Binance, which prosecutors said allowed transactions tied to child exploitation, narcotics trafficking, and terrorism.

He paid a $50 million fine as part of a $4.3 billion settlement with US regulators.

White House responseWhite House press secretary Karoline Leavitt said the Biden administration had pursued Zhao out of “a desire to punish the cryptocurrency industry,” insisting there were “no allegations of fraud or identifiable victims.”
The pardon, she said, reflects Trump’s intent to “end the war on crypto” and restore confidence in the digital asset sector.Zhao’s pardon comes as Trump and his family expand World Liberty Financial, a crypto platform launched in September with Trump’s sons Eric and Donald Jr.

Ties to Trump’s crypto venture

The venture issued USD1, a stablecoin pegged to the US dollar, and generated more than $57 million in income for Trump last year, according to his financial disclosure.

World Liberty Financial recently announced that a UAE investment fund would deploy $2 billion worth of USD1 to buy a stake in Binance, a deal that could be smoothed by Zhao’s return to leadership.

Zhao had reportedly personally requested a pardon from Trump, who has become a vocal advocate for digital assets as part of his 2025 economic agenda.

Zhao, who told a federal court last year, “I failed here… I deeply regret my failure,” now reemerges as one of crypto’s most powerful figures—backed by a president increasingly tied to the industry’s fortunes.