By Gloria Nosa
In a stunning move that has sent shockwaves through the global financial and cryptocurrency sectors, U.S. President Donald Trump has granted a full pardon to Changpeng Zhao (CZ), the billionaire co-founder of Binance, the world’s largest cryptocurrency exchange.
The announcement, made by the White House on Thursday, marks a dramatic reversal of the Biden-era crackdown on digital assets and signals what Trump described as “a new era of innovation, freedom, and financial inclusion for the crypto industry.”
Zhao, who was photographed in Lisbon in 2022 during a blockchain conference, had pleaded guilty in late 2023 to violating U.S. anti-money-laundering laws. He served a four-month prison sentence in 2024 following an extensive Department of Justice investigation into Binance’s operations.
The presidential pardon fully clears Zhao’s record, effectively reopening the door for Binance’s potential return to the U.S. market, two years after the company suspended its American operations as part of a federal settlement.
“The Biden administration’s unnecessary war on cryptocurrency and innovation ends today,” the White House said in an official statement. “President Trump believes that entrepreneurs who build transformative technologies should not be treated like criminals when no fraud or victims exist.”
The statement further accused the previous administration of damaging America’s reputation as “a global hub for technology and innovation,” claiming the prosecution of Zhao had discouraged international investment in U.S. fintech ventures.
According to reports from the Wall Street Journal, Binance had been lobbying for Zhao’s pardon for nearly a year, aided by several influential crypto investors and political allies. The company is also said to have been a major supporter of the Trump family’s World Liberty Financial, a crypto-focused venture launched earlier in 2025.
Though Zhao stepped down as Binance CEO in 2023 as part of the plea deal, he remains the majority shareholder and a central figure in the global crypto community.
Trump’s decision to pardon Zhao has drawn both praise and criticism. Supporters view it as a bold pro-business move that could revitalize the U.S. crypto industry, while critics argue it continues Trump’s pattern of granting controversial pardons.
This latest pardon follows a series of politically charged clemencies, including Trump’s decision to pardon individuals convicted of violence during the January 6 Capitol riot, and to commute the sentence of former Republican lawmaker George Santos, convicted of wire fraud and identity theft.
Despite the controversy, Zhao’s reinstatement as a free and unblemished citizen is expected to reshape the trajectory of Binance and the broader crypto ecosystem. As one senior Binance executive put it shortly after the announcement:
“CZ’s vision helped create the global crypto revolution. With this pardon, the U.S. may finally be ready to lead that revolution again.”
