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US President Donald Trump has pardoned Changpeng Zhao, the founder of the world’s largest crypto exchange Binance.
Zhao, widely known as CZ, Pleaded guilty in November 2023 for violating anti-money-laundering laws and US sanctions. The plea formed part of a sweeping agreement with the US Department of Justice, under which Binance had to pay a record-breaking $4.3 billion fine.
Zhao finally Four months passed in federal prison. The DOJ originally sought a three-year prison sentence.
After the pardon was issued, the White House cast Zhao as the victim of a conspiracy to crush the crypto industry, orchestrated by former President Joe Biden’s administration. Regulators have brought this Volley of the case Against high-profile businesses in this era, and the DOJ Crypto industry figureheads on trial for fraud
“Wanting to punish the cryptocurrency industry, the Biden administration went after Mr. Zhao despite no allegations of fraud or identifiable victims,” White House press secretary Carolyn Levitt said. “The Biden administration’s war on crypto is over.”
Zhao, who founded Binance in 2017, is a legend in cryptoland for his bullish accent and Flair for social media. Until his conviction, he regularly used his platform to X to Dismiss allegations of wrongdoing At Binance
Zhao is the latest in a line of crypto figureheads pardoned by Trump. President accepted Endorsements and grants million dollars From members of the industry.
Trump immediately returned to office Imprisonment reduced By Ross Ulbricht, creator of the darknet marketplace Silk Road. In late March, Trump pardoned the co-founders of crypto exchange BitMEX, who pleaded guilty in 2022 to charges of failing to maintain an adequate anti-money laundering program.
Although Zhao has already served his allotted prison sentence, the pardon would strike anti-money laundering and sanctions violations from his criminal record.
“For him, I think it’s really about clearing his name,” claimed Patrick Hillman, who previously worked under Zhao as Binance’s chief strategy officer. “I think it’s closed for him.”
The pardon could also clear the way for Binance to return to the US market, which the DOJ was forced to exit as a condition of the settlement. Binance spent months apologizing for Zhao, who was released from prison in September 2024, The Wall Street Journal As previously reported.
