United States President Donald Trump has officially pardoned Changpeng Zhao, the founder and former CEO of Binance, closing one of the most high-profile legal sagas in the crypto industry’s history. Zhao had pleaded guilty in late 2023 to charges related to money laundering violations under the Bank Secrecy Act.
In a statement on Thursday, White House Press Secretary Karoline Leavitt said Trump’s decision marked “the end of the Biden Administration’s war on cryptocurrency,” framing Zhao’s prosecution as politically motivated.
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“President Trump exercised his constitutional authority by issuing a pardon for Mr. Zhao, who was prosecuted by the Biden Administration in their war on cryptocurrency,” Leavitt said. “There were no allegations of fraud or identifiable victims—just a desire to punish innovation.”
The pardon comes two months after a Wall Street Journal investigation revealed that the Trump family’s own crypto venture — reportedly worth over $4.5 billion — benefited from “a partnership with an under-the-radar trading platform quietly administered by Binance.”
Zhao had resigned as Binance CEO in November 2023 as part of a $4.3 billion settlement between the exchange and the U.S. Department of Justice. He pleaded guilty to failing to maintain an adequate anti-money-laundering program, a violation that prosecutors said allowed illicit funds to move through the exchange unchecked.
In April 2024, Zhao was sentenced to four months in federal prison—far less than the three-year term requested by prosecutors. During sentencing, the presiding judge reportedly questioned the severity of the DOJ’s recommendation, saying he had “never seen such a request” in over three decades of service.
Leavitt cited that remark in defending the pardon:
“The Biden Administration sought to imprison Mr. Zhao for three years, far beyond Sentencing Guidelines. These actions severely damaged the United States’ reputation as a global leader in technology and innovation.”
The pardon also follows Trump’s recent commutation of former congressman George Santos’ 87-month sentence for wire fraud and identity theft, further signaling a wave of clemency decisions as the administration pivots toward pro-business and pro-crypto policies.
With Zhao’s record now cleared, industry observers say the move could reframe Washington’s stance toward digital assets — from regulatory hostility to political alignment — under Trump’s leadership.