US President Donald Trump has granted a presidential pardon to Changpeng “CZ” Zhao, the billionaire founder of Binance, the world’s largest cryptocurrency exchange. The decision has sparked both celebration and outrage across political and financial circles, deepening debate over Trump’s ties to the digital asset industry.
Zhao had served a four-month prison sentence in 2024 after pleading guilty to violating US money-laundering laws. Binance itself also pleaded guilty and agreed to pay $4.3 billion in fines after US authorities found the platform had enabled users to bypass financial sanctions.
White House Press Secretary Karoline Leavitt defended the president’s decision, saying Zhao’s prosecution under the Biden administration was part of a “war on cryptocurrency.” She added that Trump wanted to “correct this overreach” and restore fairness to the system.
Binance Founder’s Return Sparks Industry Speculation
The Trump pardons Zhao decision effectively restores Zhao’s right to lead financial ventures, though his regulatory status remains uncertain. In a post on social media, Zhao expressed gratitude:
“I am deeply thankful for this act of fairness and for President Trump’s belief in innovation and justice.”
Binance, still the dominant global crypto exchange, called the pardon “incredible news.” Zhao had stepped down as CEO in 2023 as part of a settlement deal but has continued to wield influence in global crypto policy.
Reports from The Wall Street Journal revealed that Binance had been lobbying for a pardon for months, even as Trump’s own family expanded their crypto ventures through World Liberty Financial.
Critics Question Ethics of Trump’s Crypto Ties
The pardon comes amid concerns about Trump’s personal financial connections to the cryptocurrency industry. His family reportedly co-owns crypto firms and investment vehicles that have collaborated with Binance-linked entities such as Dominari Holdings, based in Trump Tower.
Senator Elizabeth Warren condemned the move, calling it “a kind of corruption.” Tech entrepreneur Joe Lonsdale also criticized the decision, warning that it “makes it look like massive fraud is happening around the presidency.”
This marks Trump’s third crypto-related pardon following clemency for BitMEX founders and Silk Road’s Ross Ulbricht.
Despite criticism, Trump continues to promote a pro-crypto agenda, pledging to create a national digital currency reserve and ease restrictions on cryptocurrency investments.
As the Trump pardons Zhao decision dominates headlines, the crypto market has reacted with optimism — signaling renewed confidence in digital assets, even as political scrutiny intensifies.
