President Donald Trump has just issued a full pardon for Changpeng “CZ” Zhao, the founder of Binance, the world’s largest cryptocurrency exchange.
The Thursday pardon marks a dramatic reversal of the Biden-era crackdown on crypto assets such as Bitcoin.
The decision comes after Trump has taken a significant interest in the cryptocurrency industry in recent years.
The Trump family has also launched an emerging crypto venture, World Liberty Financial.
World Liberty Financial is a blockchain initiative that issued its own stablecoin, USD1, pegged to the U.S. dollar.
Cryptocurrency investments have helped fuel a sharp increase in the president’s net worth.
White House Press Secretary Karoline Leavitt celebrated the move, declaring,
“The Biden Administration’s war on crypto is over.”
Background on Zhao’s Case
Zhao pleaded guilty in 2023 to failing to maintain an effective anti–money laundering program.
He served nearly four months in prison and paid a personal fine of $50 million.
Meanwhile, Binance itself paid a record $4.3 billion penalty and agreed to multiple years of federal oversight, according to the Justice Department and Treasury Department.
The Trump pardon effectively clears Zhao’s criminal record and could pave the way for him to reenter U.S. markets more openly.
However, unwinding Treasury’s separate monitorship over Binance would require additional administrative action.
Binance and Trump’s Crypto Initiative
After receiving the pardon, Zhao reportedly posted a public statement thanking President Trump.
He is also pledging to support America’s leadership role in global cryptocurrency innovation, according to The Wall Street Journal.
The Broader Impact
The pardon marks another major policy shift under Trump’s second term.
It reflects his administration’s pro-crypto stance and desire to position the United States as a global hub for digital finance.
Trump ran on a campaign to lift Biden-era restrictions on cryptocurrencies to make America the crypto capital of the world.
The move also underscores a symbolic end to the Biden administration’s regulatory hostility toward the crypto sector.
The crypto industry is one that Trump officials have described as “key to America’s financial independence and innovation leadership.”
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