Trump Pardons Binance Founder Changpeng Zhao

President Donald Trump has pardoned Binance founder Changpeng Zhao, creator of the world’s largest cryptocurrency exchange, who served prison time for failing to stop criminals from using the platform to move money connected to child sex abuse, drug trafficking, and terrorism, Will Weissert and Alan Suderman reported for the Associated Press (AP).

Zhao served four months in prison after reaching a plea deal with the Justice Department for enabling money laundering through Binance. (Photo: CZ BNB X)

The pardon caps a months-long effort by Zhao, a billionaire widely known as CZ in the crypto world and one of the industry’s most influential figures. He and Binance have been key supporters of several Trump family crypto ventures.

“Deeply grateful for today’s pardon and to President Trump for upholding America’s commitment to fairness, innovation, and justice,” Zhao said on social media.

Zhao served four months in prison after reaching a plea deal with the Justice Department for enabling money laundering through Binance.

Explaining the decision, Trump said of Zhao: “He was recommended by a lot of people. A lot of people say that he wasn’t guilty of anything. He served four months in jail, and they say that he was not guilty of anything.”

The president added that he didn’t believe he had ever met Zhao personally but was told Zhao had “a lot of support” and that “what he did is not even a crime.” Trump said Zhao had been “persecuted by the Biden administration.”