President Donald Trump has pardoned Binance founder Changpeng Zhao. The news was first reported by CNBC. Zhao had previously pleaded guilty to enabling money laundering while running the cryptocurrency exchange. He served a four-month prison sentence last year.
White House Press Secretary Karoline Leavitt issued a statement on the matter. She said that President Trump exercised his constitutional authority by issuing a pardon for Mr. Zhao. The statement also noted that Zhao was prosecuted by the Biden Administration in what they described as their war on cryptocurrency.
This pardon from Trump arrives two months after a report from The Wall Street Journal. That report indicated that the Trump family’s own crypto venture benefited from a partnership with a trading platform operated by Binance. The venture has reportedly generated around four and a half billion dollars since the 2024 election.
After pleading guilty to the Department of Justice’s charges in 2023, Zhao agreed to several terms. He stepped down from his role as Binance CEO. He also paid a fifty million dollar fine and agreed to never serve as a Binance executive again. Following these charges, Binance was required to pay a four point three billion dollar settlement to the U.S. government. This is one of the largest corporate fines in United States history.