Trump Pardons Binance Founder CZ, Criticizes Biden’s “Hostile” Stance on Crypto
U.S. President Donald Trump has officially pardoned Changpeng “CZ” Zhao, the co-founder of Binance, the world’s largest cryptocurrency exchange.
The White House announced the decision on Thursday, with Press Secretary Karoline Leavitt saying the previous Biden administration had treated the crypto industry in a “very hostile” way.
Binance was founded in 2017 and quickly grew to dominate the global crypto market, making Zhao a billionaire.
However, after a U.S. government investigation, Zhao pleaded guilty in 2023 to violating anti–money laundering laws. He served four months in prison in 2024.
Leavitt said Trump’s pardon was meant to “correct” what she called the Biden administration’s overreach, describing Zhao’s punishment as “overly harsh.”
Path for Binance’s Return to the U.S.
Zhao’s pardon could open the door for Binance to return to the U.S., nearly two years after it suspended American operations to settle a Department of Justice (DOJ) investigation.
According to The Wall Street Journal, Binance had been lobbying for Zhao’s pardon for almost a year and has been a “key supporter” of the Trump family’s crypto project, World Liberty Financial.
Even though Zhao stepped down as Binance’s CEO in 2023, he still owns most of the company’s shares.
In a post on social media, Zhao said he was “deeply grateful” to President Trump for “upholding America’s commitment to fairness, innovation, and justice.”
Criticism From Democrats
Many Democrats sharply criticized the pardon.
Senator Elizabeth Warren wrote on X (formerly Twitter):
“CZ pleaded guilty to criminal money laundering and was sentenced to prison. Then he financed Trump’s stablecoin and lobbied for a pardon. Today, he got it.”
She warned that if Congress doesn’t act, it will be responsible for “this kind of corruption.”
Trump’s Growing Crypto Support
Since launching his reelection campaign, Trump has become an open supporter of cryptocurrency, reversing his earlier skepticism.
He has relaxed regulations on the industry, which in return has contributed over $100 million to his campaign.
A Financial Times report says the Trump family’s crypto ventures earned about $1 billion in pre-tax profits in the past year.
Other Controversial Pardons
This is not the first controversial pardon under Trump’s presidency.
He previously issued blanket pardons for people involved in the January 6, 2021 Capitol riot, and recently commuted the sentence of former Republican lawmaker George Santos, who was convicted of wire fraud and identity theft.
