Changpeng Zhao, the flamboyant founder of the world’s largest cryptocurrency exchange Binance, has been granted a pardon by US President Donald Trump.
The UAE-based CZ, as he is known the world over, served a jail term of four months after pleading guilty to money-laundering violations in 2023 following a prolonged investigation by financial regulators and US prosecutors. Binance pleaded guilty to failing to maintain an effective AML programme and paid a penalty of US$4.3 billion.
Karoline Leavitt, the White House press secretary, said: “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.”
In a statement, Binance called the decision “incredible news”, while Zhao, who stepped down as Binance chief executive in 2023, posted his gratitude as well.
“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. (Still in flight, more posts to come.) Onwards,” Zhao said on X.com.
“Binance remains focused on building a secure, transparent, and user-first platform that reduces fees and increases access to the financial system for all,” the company said in its post.
The full and unconditional pardon could pave the way for CZ to return to the business he co-founded in 2017. It may also offer the chance for Binance to expand in the United States as the crypto industry booms under the Trump administration.
