Trump grants full pardon to Binance founder Changpeng Zhao
President Trump granted a full pardon to Binance founder Changpeng 'CZ' Zhao on Oct. 23, overturning his 2023 conviction and lifting restrictions on his role.
President Donald Trump granted a full pardon to Changpeng "CZ" Zhao on Oct. 23, erasing the 2023 conviction for Bank Secrecy Act violations and removing conditions that barred Zhao from holding executive roles at Binance. The action follows Zhao’s four-month prison term and a multibillion-dollar settlement by the exchange.
The White House, through press secretary Karoline Leavitt, described the pardon as an exercise of presidential clemency and framed the prosecution as part of the previous administration’s approach to cryptocurrency. The statement said the action restores Zhao’s legal standing and could allow him to reassume leadership or advisory duties at Binance if U.S. regulators grant clearance.
Zhao pleaded guilty in 2023 after prosecutors alleged failures in Binance’s anti-money‑laundering controls. The company agreed to pay $4.3 billion and restructured parts of its U.S. business, shifting much of its operations offshore. A court-ordered ban had prevented Zhao from serving in executive roles at Binance until the pardon.
Binance and Zhao engaged in months of lobbying and private outreach to U.S. officials, including hiring lobbyists and meeting with administration contacts, aiming to secure relief and rehabilitation in Washington. Advisers to Zhao recommended he avoid public comment until regulators complete reviews that would be required for any formal return to U.S. operations.
The pardon drew immediate criticism and accusations of favoritism. Blockchain researcher Adam Cochran called the decision "disgusting" on social media and accused the president of granting leniency tied to political and financial relationships.
Other social media users alleged, without verified evidence, that market actions and commercial ties to parties connected to the president played a role in securing the pardon.
Markets reacted quickly: Binance’s native token BNB rose after the pardon announcement, reflecting investor expectations that Zhao’s restored status could affect the company’s prospects if regulators allow renewed U.S. activity.
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