WASHINGTON – US President Donald Trump pardoned Changpeng Zhao, billionaire founder of cryptocurrency giant Binance, months after Zhao finished serving four-month prison sentence for money-laundering violations.
The decision has exploded into a political firestorm, drawing accusations of corruption, favoritism, and deepening ties between the White House and the crypto industry. Zhao pleaded guilty in April 2024 to breaking US anti–money-laundering laws.
Binance also admitted wrongdoing, agreeing to pay massive $4.3 billion fine after investigators found it had allowed users to dodge sanctions and move money through the platform unchecked.
Now, Trump’s decision to wipe Zhao’s record clean has reignited questions about whether the president’s crypto-friendly agenda is driven by ideology or personal profit.
White House Press Secretary Karoline Leavitt fiercely defended the pardon, calling Zhao’s prosecution under President Biden part of a “war on cryptocurrency.”
“This was an overly prosecuted case by the Biden administration,” she declared. “The president wants to correct this overreach of the Biden administration’s misjustice and exercised his constitutional authority to do so.”
Binance spent nearly a year lobbying for Zhao’s pardon. Zhao completed his four-month sentence in September 2024. The effort coincided with Trump’s dramatic pivot toward the crypto world including the launch of his own coin shortly before his inauguration in January.
Since taking office, Trump has relaxed regulations, proposed a national cryptocurrency reserve, and pushed policies to let Americans invest retirement savings in digital assets.
Zhao, who resigned as Binance CEO in 2023 as part of his plea deal, celebrated the pardon online, writing that he was “deeply grateful” to Trump for “upholding America’s commitment to fairness, innovation, and justice.”
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