US President Donald Trump is pardoning Binance founder Changpeng Zhao (CZ), following reports earlier this month about the looming decision. Trump signed the pardon on Wednesday, sources tell the Wall Street Journal. The unnamed sources added that Trump recently indicated to advisers that he was sympathetic to arguments of political persecution related to Zhao and others.
White House press secretary Karoline Leavitt said Thursday that Trump had “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: “The Biden Administration’s war on crypto is over.”
Binance Investigation Over as CZ Gets Pardon?
Zhao and the exchange were at the center of a groundbreaking criminal charge from the US Department of Justice in late 2023. He was the CEO of the firm at the time as it pleaded guilty to its role in anti-money laundering violations that led to a $4 billion fine and a four-month prison sentence for the executive. Trump has not been shy to pardon many from the crypto industry, including BitMEX cryptocurrency exchange founders, earlier this year. Now, one of the biggest names in the crypto industry has been pardoned for his crimes as well.
Also Read: Bealls to Accept Dogecoin, Shiba Inu, and Stablecoins for Payments In-Store
Furthermore, the pardon could also signal the end of the US Government’s monitoring of Binance since 2023. Binance has spent nearly a year pursuing a pardon for Zhao, who was released from prison in September 2024 after serving a four-month sentence for related charges. Earlier this year, the company hired lobbyist Ches McDowell to help pursue a pardon, which CZ says he requested from Trump shortly after he was elected as US President.
CZ nor Binance has yet commented on the pardon, although the native Binance BNB token is already up 5% today on the news. The Binance BNB coin is trading at an ATH level, while CZ’s net worth recently rose to $87 billion. Binance BNB has been making bullish jumps over the last few months, and that may continue following CZ’s pardon from Trump.