Trump Pardons Binance Co-founder Changpeng Zhao

United States President Donald Trump has granted a full pardon to Changpeng “CZ” Zhao, the co-founder and former chief executive of Binance, the world’s largest cryptocurrency exchange, marking one of the most controversial clemency decisions of his administration.

The White House confirmed the pardon on Thursday, describing Zhao’s earlier conviction as an example of “government overreach” under former President Joe Biden’s administration.

Zhao had pleaded guilty in late 2023 to violating U.S. anti-money laundering laws, following a Department of Justice investigation into Binance’s global operations. He was sentenced to four months in prison and paid a $50 million fine, while Binance itself paid over $4.3 billion to settle related charges.

White House press secretary Karoline Leavitt said the pardon was intended to “correct the excessive prosecution” that she claimed had unfairly targeted the cryptocurrency sector. She accused the Biden administration of being “hostile to innovation and digital assets.”

Trump, speaking to reporters at the White House, defended his decision, saying, “Many people told me CZ was unfairly treated. He helped build one of the most innovative companies in the world, and it’s time we encourage that spirit in America.”

Zhao, who remains Binance’s majority shareholder despite stepping down as CEO in 2023, expressed gratitude on social media, writing that he was “deeply thankful” to President Trump for “upholding fairness, innovation, and justice.”

Critics, including Democratic Senator Elizabeth Warren, condemned the move. “CZ pleaded guilty to criminal money laundering. Now he’s been pardoned after financing Trump’s crypto ventures. If Congress allows this kind of corruption, it owns it,” she wrote on X (formerly Twitter).

The pardon underscores Trump’s growing alignment with the cryptocurrency industry, a sharp reversal from his previous skepticism toward digital assets. It also raises fresh questions about the relationship between political power, finance, and emerging technology.