TLDR
- President Donald Trump pardoned Binance founder Changpeng Zhao on Wednesday, October 22, 2025
- Zhao pleaded guilty in November 2023 to failing to maintain an effective anti-money laundering program at Binance
- He served four months in prison after being sentenced in April 2024 and was released in September 2024
- The pardon came as part of a $4.3 billion settlement Binance reached with the Department of Justice in 2023
- The White House stated the pardon ends the “Biden Administration’s war on cryptocurrency”
President Donald Trump issued a pardon for Binance founder Changpeng Zhao on Wednesday. The White House announced the decision on Thursday morning.
Zhao had pleaded guilty in November 2023 to violating the Bank Secrecy Act. He admitted to failing to implement an effective anti-money laundering program at Binance.
The guilty plea came as part of a $4.3 billion settlement between Binance and the Department of Justice. Zhao agreed to step down as CEO of the cryptocurrency exchange as part of the deal.
Federal prosecutors originally sought a three-year prison sentence for Zhao. A judge sentenced him to four months in jail in April 2024.
Zhao served his sentence and was released from custody in September 2024. He had been free for just over a month when Trump signed the pardon.
The Department of Justice had charged Zhao with willfully violating U.S. economic sanctions. Prosecutors said he made a deliberate effort to profit from the U.S. market without implementing required controls.
Binance faced charges of conducting an unlicensed money-transmitting business. The company was also charged with violating the International Emergency Powers Act and conspiracy.
White House Statement on the Pardon
White House Press Secretary Karoline Leavitt released a statement about the pardon. She said Trump exercised his constitutional authority in pardoning Zhao.
Leavitt stated that the Biden Administration prosecuted Zhao as part of a “war on cryptocurrency.” She added that prosecutors pursued Zhao despite no allegations of fraud or identifiable victims.
The press secretary criticized the three-year sentence prosecutors requested. She noted that even the sentencing judge said he had never heard of such a request in his 30-year career.
Trump’s Crypto Pardons
The Wall Street Journal reported in August 2024 that the Trump family’s crypto venture generated about $4.5 billion since the election. The report stated the venture benefited from a partnership with a trading platform administered by Binance.
Zhao is not the first crypto figure to receive clemency from Trump. The president previously pardoned the three BitMEX co-founders, including Arthur Hayes.
Trump also pardoned Silk Road founder Ross Ulbricht. Ulbricht had been serving two life sentences plus 40 years.
The pardon comes nearly a week after Trump commuted the 87-month prison sentence of former New York Rep. George Santos. Santos had pleaded guilty to wire fraud and aggravated identity theft.
Speculation about a possible pardon for Zhao had been growing for weeks. Betting markets showed rising odds in September after Zhao removed the “ex-@binance” tag from his social media profile.
A presidential pardon could allow Zhao to return to an executive role at Binance. He remains the exchange’s largest shareholder.
The pardon was signed on Wednesday but has not yet appeared on the White House website. Presidential pardons are typically announced in the Federal Register.
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