President Donald Trump has pardoned Binance founder Changpeng “CZ” Zhao, as first reported by CNBC.
Zhao previously pleaded guilty to enabling money laundering while running the cryptocurrency exchange and served four months in prison last year.
“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,” White House Press Secretary Karoline Leavitt said in a statement.
Trump’s pardon comes two months after The Wall Street Journal reported that the Trump family’s own crypto venture benefited from a partnership with an under-the-radar trading platform operated by Binance. The crypto venture has generated around $4.5 billion since the 2024 election.
After pleading guilty to the DOJ’s charges in 2023, Zhao agreed to step down as Binance CEO, paid a $50 million fine, and agreed to never serve as a Binance executive again. Following the charges, Binance was forced to pay a $4.3 billion settlement to the U.S. government, one of the largest corporate fines in U.S. history.
