Trump Pardons Binance CEO Changpeng Zhao
US President Donald Trump granted a full pardon to Binance founder and former CEO Changpeng Zhao (CZ). The White House announced the pardon on Thursday. White House Press Secretary Karoline 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.”
CZ confirmed the pardon on X, writing, “Deeply grateful for today’s pardon and to President Trump for upholding America’s commitment to fairness, innovation, and justice.”
Bitcoin and BNB Prices Rise After Pardon
After the pardon news, Bitcoin gained over 3% in 24 hours. It rose above $110,500 at the time of writing. Binance’s native token, BNB, also went up by 5%, reaching $1,100 again.
Background on CZ and Legal Issues
- In 2024, CZ served a four-month jail term for breaking the Bank Secrecy Act.
- He pleaded guilty to failing to implement anti-money laundering (AML) rules at Binance.
- He stepped down as Binance CEO during the legal case.
- The US Justice Department fined Binance $4.3 billion.
- In May 2024, the US SEC dropped its lawsuit against CZ, Binance, and related groups.
Earlier reports said CZ sought a pardon while working with Trump family associates. CZ initially denied these claims but later confirmed applying for the pardon.
This is not the first crypto pardon by Trump. In January, he pardoned Silk Road founder Ross Ulbricht after over ten years in prison.
The pardon fits into Trump’s efforts to support crypto while reversing some stricter policies from the Biden administration.
