U.S. President Donald Trump has pardoned Changpeng Zhao, the founder of Binance, the world’s largest cryptocurrency exchange, reported The Wall Street Journal, citing sources.
According to the newspaper, the pardon was signed on October 22. White House Press Secretary Caroline Levitt said the president “exercised his constitutional authority” by releasing Zhao, whom the Biden administration, she claimed, had targeted as part of its “war on cryptocurrency.”
As The Wall Street Journal writes, Trump’s decision could pave the way for Binance’s return to the U.S. market. In 2023, the company admitted to violating anti–money laundering regulations, after which its operations in the United States were banned.
The paper reported that Binance had spent nearly a year seeking a pardon for its founder and had hired lobbyist Ches McDowell to press its case.
In May 2024, a court sentenced Changpeng Zhao to four months in prison after finding him guilty of violating U.S. anti–money laundering laws. Prosecutors argued that Binance’s leadership was aware of transactions linked to terrorism financing, child pornography, and other criminal activity but failed to notify authorities. The company was fined a record $4.3 billion, and the Justice Department placed it under strict supervision. Zhao was released in September.
After Donald Trump’s election victory, Binance became one of the main sponsors of his family’s cryptocurrency venture, World Liberty Financial. Over the past year, the project has generated significantly more income for the Trumps than their traditional real estate holdings.