Trump pardons Binance founder Changpeng Zhao, citing ‘unfair’ crypto prosecution

Dubai: President Donald Trump has granted a full pardon to Changpeng Zhao, the billionaire founder of Binance, the world’s largest cryptocurrency exchange. The decision follows Zhao’s 2024 conviction and four-month prison sentence for failing to implement adequate anti-money laundering controls at the exchange.

White House press secretary Karoline Leavitt confirmed the pardon Thursday, saying Trump acted to correct what the administration described as the Biden-era “war on cryptocurrency.” She claimed Zhao was unfairly targeted despite “no allegations of fraud or identifiable victims.”

Zhao pleaded guilty in late 2023 to one count of failing to maintain an anti-money-laundering program. His plea was part of a $4.3 billion settlement between Binance and U.S. authorities that resolved multiple regulatory and criminal investigations.

Prosecutors said the exchange’s compliance failures allowed transactions linked to drug traffickers, child exploitation networks, terrorist groups, and sanctioned entities, including individuals in Iran and operatives tied to the military wing of Hamas.

Between 2018 and 2022, Binance allegedly processed at least 1.1 million prohibited transactions worth about $898 million, violating U.S. sanctions.

Zhao stepped down as CEO as part of his plea agreement but retained his controlling stake in Binance. His net worth stands at $54.5 billion, according to the Bloomberg Billionaires Index. The value of his holdings reportedly surged after Trump’s election win, as crypto markets rallied on expectations of a friendlier regulatory stance.

Zhao had publicly sought a pardon from Trump, who has cultivated strong ties with the digital-asset sector. The Binance founder also shares links with World Liberty Financial, a crypto venture launched by Trump and his sons Eric and Donald Jr. in September 2025.

The firm issued a U.S. dollar–pegged stablecoin called USD1 and recently announced that a UAE investment fund would use $2 billion worth of USD1 to acquire a stake in Binance.

“I failed here,” Zhao told the court during his sentencing last year. “I deeply regret my failure, and I am sorry.”

Trump’s move continues his administration’s series of high-profile pardons for crypto executives, reinforcing his positioning as an ally of the digital-assets industry.