Trump pardons convicted Binance founder Zhao

United States President Donald Trump has pardoned the convicted founder of cryptocurrency exchange platform Binance, Changpeng Zhao.

The White House announced this on Thursday, October 23, 2025, in the latest move by Trump to boost the crypto industry and expunge its past misdeeds.

Zhao, a billionaire known as “CZ” who is one of the most influential figures in crypto, quit in 2023 as Binance chief after the company pleaded guilty to failing to maintain an effective anti-money laundering program and paid a penalty of $4.3 billion.

White House press secretary Karoline Leavitt, in a statement, said Zhao was prosecuted by the Biden administration “in their war on cryptocurrency”.

Since he returned to office, Trump’s family has reaped millions of dollars from a variety of crypto ventures – moves criticised by political rivals and ethics experts citing the potential for conflicts of interest.

The White House has denied those claims and on Thursday Leavitt said it carefully examined all pardons.

In a post on X, Zhao said: “Deeply grateful for today’s pardon and to President Trump for upholding America’s commitment to fairness, innovation, and justice.

“Will do everything we can to help make America the Capital of Crypto and advance web3 worldwide.”

U.S. authorities said in 2023 that Binance had failed to report suspicious transactions with organisations including Hamas and al Qaeda and with websites dedicated to selling child sexual abuse materials.

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Zhao, a citizen of Canada who was born in China, personally paid a $50 million fine and served nearly four months in prison last year after pleading guilty to the same charge as his company.

However, he kept his Binance stake, while one of his appointees was made chief executive.

“I made mistakes, and I must take responsibility,” Zhao said when he stepped down.

The full and unconditional pardon could pave the way for him to return to the business he co-founded in 2017.

It may also offer the chance for Binance to expand in the United States as the crypto industry booms under the Trump administration.

A spokesperson for Binance, the world’s largest crypto exchange by trading volumes, thanked Trump for his leadership.

The U.S. Constitution gives the president broad power to issue pardons to wipe away federal criminal convictions, or commutations to modify sentences.

Historically, presidents have largely waited until the end of their terms to use such powers, but there is no requirement that they do so.

During his second term, Trump has made sweeping use of his clemency powers and Zhao’s is the latest in a series of pardons that Trump has granted to crypto executives and entrepreneurs, as well as others convicted of white-collar crimes.

The crypto sector poured money into Trump’s 2024 presidential campaign, during which the Republican candidate promised to end what he called a crackdown by the Biden administration on the industry.

The Star