Trump Pardons Binance Founder CZ, Ending What He Calls “Biden’s War on Crypto”

Former Binance CEO Changpeng “CZ” Zhao is officially a free man once again, following a presidential pardon issued by Donald Trump.

A presidential pardon that ends the “War on Crypto”

White House Press Secretary Karoline Leavitt confirmed the pardon, calling it a step away from what she described as the Biden administration’s “war on cryptocurrency.”

In an emailed statement, Leavitt said, “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… despite no allegations of fraud or identifiable victims.”

Zhao, who served four months in prison after pleading guilty in 2023 to failing to maintain an effective anti-money laundering program, expressed gratitude shortly after the news broke.

“Will do everything we can to help make America the Capital of Crypto and advance Web3 worldwide,” he posted on X, thanking Trump directly.

Binance, the exchange Zhao co-founded, also praised the decision. A company spokesperson called the pardon “incredible news,” adding that it demonstrated the new administration’s willingness to make the U.S. a leader in digital finance.

Binance’s current CEO, Richard Teng, echoed the sentiment, saying the exchange is now focused on “building the next chapter” and supporting policymakers in creating a more open financial system.

Political ripple effects and industry reactions

The pardon has already sparked heated debate in Washington. Senator Elizabeth Warren criticized the decision, alleging that Zhao’s connections to Trump’s crypto ventures posed ethical concerns.

“If Congress does not stop this kind of corruption in pending market structure legislation, it owns this lawlessness,” Warren stated.

Trump, for his part, told reporters that he didn’t know Zhao personally but was urged by “a lot of good people” to consider clemency. “A lot of people say he wasn’t guilty of anything,” Trump said, describing the case as politically motivated.

Zhao’s legal troubles date back to 2023, when Binance agreed to pay $4.3 billion in one of the largest corporate settlements in U.S. history.

While his plea agreement barred him from running the exchange again, it is now being speculated that the pardon could open a path for his eventual return in some advisory capacity.

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