U.S. President Donald Trump has granted a presidential pardon to Binance founder Changpeng Zhao, widely known as CZ, who had earlier pleaded guilty to charges related to money laundering while leading the world’s largest cryptocurrency exchange.
In a statement issued by the White House on Thursday, Press Secretary Karoline Leavitt described the President’s decision as a rightful exercise of his constitutional authority and criticized the Biden administration’s handling of the case, calling it part of a “war on cryptocurrency.”
“In their desire to punish the crypto industry, the Biden Administration pursued Mr. Zhao despite no allegations of fraud or identifiable victims,” Leavitt said.
The pardon comes two months after reports surfaced linking the Trump family’s cryptocurrency venture, which has generated about $4.5 billion since the 2024 election, to a trading platform associated with Binance.
Zhao had pleaded guilty in November 2023 to violating the Bank Secrecy Act and resigned as Binance CEO following a $4.3 billion settlement with the U.S. Department of Justice. He was sentenced in April 2024 to four months in prison, despite prosecutors seeking a three-year term.
Leavitt noted that the presiding judge had dismissed the government’s sentencing recommendation as “unheard of in 30 years,” adding that the Biden administration’s approach had “damaged America’s reputation as a leader in technology and innovation.”
“The Biden Administration’s war on crypto is over,” she declared.
