Washington, October 24 (Udaipur Kiran): In a major political and financial development, U.S. President Donald Trump has granted a presidential pardon to Changpeng Zhao (CZ), the founder of global cryptocurrency exchange Binance, using his constitutional authority. The decision, officially confirmed by White House Press Secretary Caroline Levitt, has given Zhao significant legal and professional relief.
According to NBC News, Levitt stated that President Trump signed the official pardon documents on Wednesday, exercising his constitutional right to grant clemency. She added, “The Biden administration prosecuted Zhao as part of its campaign against cryptocurrency, despite a lack of credible evidence.”
Zhao had previously been sentenced to four months in prison after pleading guilty to charges related to money laundering violations at Binance. The U.S. Justice Department had also ordered Binance to pay over $4 billion in fines, while Zhao personally agreed to pay $50 million as part of a settlement.
With Trump’s pardon, Zhao has regained direct control of Binance, the world’s largest cryptocurrency exchange by trading volume. Expressing gratitude on social media platform X, Zhao wrote, “I am deeply thankful to President Trump for upholding America’s commitment to forgiveness, fairness, innovation, and justice. We will work tirelessly to help make the U.S. the crypto capital of the world and advance Web3 globally.”
Levitt further remarked that “The Biden administration’s actions severely damaged the U.S.’s global reputation as a leader in technology and innovation. The war on crypto is over.” Binance, which handles over $65 billion in daily transactions, welcomed the move.
A Binance spokesperson said, “We thank President Trump for his leadership and his vision to make America the global hub of cryptocurrency. Zhao’s vision not only built Binance but also helped shape the entire crypto movement.”
Trump also issued pardons on Thursday to reality TV stars Todd and Julie Chrisley, former Illinois Governor Rod Blagojevich, hip-hop artist Lil Wayne, and former Congressman George Santos (R-NY). CNBC reported that in March, Trump had similarly pardoned three co-founders of the crypto exchange BitMEX.
During his 2024 campaign, Trump had promised to support and legitimize the crypto industry. Over the past year, his family-linked ventures have launched several crypto products. In May, Trump even hosted a private dinner for top buyers of his “Meme Coin,” which reportedly generated around $150 million in purchases.
According to The Wall Street Journal, Binance maintains close ties with World Liberty Financial, a firm managing several Trump family crypto projects that have earned over $4 billion. The report also claimed that World Liberty’s flagship crypto coin operates on an exchange quietly managed by Binance.
Public records show that Binance recently hired Charles McDowell, a lobbyist and close associate of Donald Trump Jr. McDowell’s firm, Checkmate Government Relations, disclosed receiving $450,000 in fees for its work last month.
A spokesperson for World Liberty Financial said the organization had “no involvement in the pardon process,” but welcomed the policy shift in Washington. When asked about potential conflicts of interest, Press Secretary Levitt said, “Every pardon request reaching the President undergoes a thorough review. I discussed this matter with the White House Counsel after the decision.”
According to Bloomberg Billionaires Index, Changpeng Zhao is currently the 31st richest person in the world, with a net worth of approximately $55 billion as of Wednesday.
Bhupendra Singh Chundawat is a seasoned technology journalist with over 22 years of experience in the media industry. He specializes in covering the global technology landscape, with a deep focus on manufacturing trends and the geopolitical impact on tech companies. Currently serving as the Editor at Udaipur Kiran, his insights are shaped by decades of hands-on reporting and editorial leadership in the fast-evolving world of technology.
