President Donald Trump has granted a pardon to Binance co-founder Changpeng Zhao, according to two sources familiar with the decision who spoke to CNN. Zhao, widely known as CZ, pleaded guilty in 2023 to a money laundering-related charge stemming from his leadership of the world’s largest cryptocurrency exchange.
In a statement, White House press secretary Karoline Leavitt said Trump “exercised his constitutional authority by issuing a pardon for Mr. Zhao, who was prosecuted by the Biden Administration in their war on cryptocurrency.” She added that Trump and his advisers believed Zhao’s punishment was excessive, a position influenced by Binance’s sustained lobbying push for clemency.
The pardon, first reported by The Wall Street Journal, could pave the way for Binance to resume operations in the United States, a market it largely withdrew from amid mounting regulatory scrutiny.
Zhao was sentenced in May 2024 to four months in federal prison after admitting he failed to implement an adequate anti–money laundering program at Binance. As part of his plea deal, Zhao stepped down as CEO and agreed to pay a $200 million fine. Binance itself paid over $4 billion in penalties in a sweeping 2023 settlement with U.S. authorities, admitting to violations including unlicensed money transmission, inadequate anti–money laundering controls, and breaches of U.S. sanctions laws.