WASHINGTON — In a high-profile move that has rippled through both the cryptocurrency world and Washington’s corridors of power, President Donald Trump has issued a full, unconditional pardon to Changpeng “CZ” Zhao, founder of the global crypto exchange Binance. The announcement, made on October 23 2025, marks a dramatic turnaround in the case of one of the most prominent figures in digital assets.
Zhao had previously pleaded guilty in late 2023 to a violation of U.S. anti-money laundering laws — specifically failing to maintain an effective anti-money laundering (AML) programme at Binance. Under the terms of the plea, the company reached a settlement of US $4.3 billion with the U.S. Department of Justice and other regulators, and Zhao himself was sentenced to four months in federal prison in 2024.
In the White House statement, Press Secretary Karoline Leavitt said Trump exercised his constitutional authority by granting the pardon, arguing that Zhao had been “prosecuted by the Biden administration in their war on cryptocurrency.” Trump, in his remarks, noted that he did not believe he had ever personally met Zhao, but said the pardon was prompted by “a lot of very good people” who believed Zhao’s case was wrongly pursued.
Zhao responded on social media platform X stating he was “deeply grateful” to President Trump for upholding “America’s commitment to fairness, innovation, and justice,” and pledged to “help make America the Capital of Crypto and advance Web3 worldwide.”
Analysts say the pardon not only provides relief to Zhao personally, but may have broader implications for Binance and the cryptocurrency industry in the United States — potentially easing regulatory pressure and opening the door to renewed U.S. operations for the exchange.
The case had also attracted scrutiny due to connections between Binance and the Trump family’s crypto venture, World Liberty Financial. Reports indicate that Binance accepted a US$2 billion investment from an Emirati fund via the stablecoin operated by that venture.
Critics, including U.S. Senator Elizabeth Warren, have voiced concern that the pardon may undermine enforcement against crypto platforms that facilitated illicit activities — including transactions linked to sanctioned entities, child-sex-abuse websites and terrorist organisations.
Whether the pardon will affect Zhao’s personal obligations — including fines or future restrictions on his involvement in Binance — remains unclear. Observers will be watching closely for regulatory and legal developments, including how Binance adjusts under the shifted regulatory climate.
As this story continues to develop, it underscores the evolving relationship between the U.S. government, high-stakes crypto platforms, and the broader financial system.
