In a sweeping show of support for the cryptocurrency industry, U.S. President Donald Trump has granted a full pardon to Binance founder Changpeng Zhao, a move that could reshape the global crypto landscape and reignite debates over political influence and financial regulation.
The White House announced the decision Thursday, calling Zhao’s conviction “part of the Biden administration’s war on cryptocurrency.” According to Press Secretary Karoline Leavitt, Trump’s decision reflects his administration’s “commitment to fairness, innovation, and economic freedom.”
Zhao, the Richest Person in Canada, widely known in the crypto world as “CZ” resigned as Binance CEO in 2023 after the company pleaded guilty to violating U.S. anti-money laundering laws. Binance agreed to pay a record $4.3 billion fine, while Zhao personally paid $50 million and served nearly four months in prison.
Following news of the pardon, Zhao expressed gratitude on X (formerly Twitter), writing:
“I am 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.”
The pardon potentially clears Zhao to return to leadership within Binance, the world’s largest cryptocurrency exchange by trading volume. It could also help the company expand its U.S. operations amid surging public interest in Bitcoin, blockchain technology, and crypto investments.
While Trump’s move was praised by many in the crypto community, critics questioned its timing and possible conflicts of interest. Senator Elizabeth Warren accused the president of rewarding financial backers, saying:
“First, Changpeng Zhao pleaded guilty to a criminal money laundering charge. Then he boosted one of Donald Trump’s crypto ventures and lobbied for a pardon. Today, Donald Trump did his part and pardoned him.”
The White House has denied any conflicts, emphasizing that all pardons were carefully reviewed. Binance declined to comment directly on Warren’s remarks but thanked Trump for his “leadership” in advancing digital finance innovation.
The pardon comes as Trump continues to wield his clemency powers aggressively in his second term, extending forgiveness to several high-profile figures in technology, finance, and cryptocurrency — including the co-founders of BitMEX and Silk Road’s Ross Ulbricht.
Trump’s administration has positioned itself as a crypto-friendly government, reversing the previous administration’s tougher stance on digital assets. Analysts say the pardon could boost investor confidence and drive a surge in U.S.-based blockchain startups, digital currency exchanges, and crypto trading platforms.
Zhao’s return to the public eye marks a potential turning point for both Binance and the broader cryptocurrency industry — signaling that under Trump, the “Capital of Crypto” may indeed be America.
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