Trump Pardons Binance Founder Changpeng Zhao

CZ Zhao Receives Presidential Pardon

Changpeng “CZ” Zhao, the founder of Binance, has been granted a pardon by President Donald Trump, as initially reported by CNBC.

Previously, Zhao entered a guilty plea concerning his role in facilitating money laundering activities during his tenure as head of the cryptocurrency exchange.

White House Statement

He subsequently fulfilled a four-month prison sentence last year. According to White House Press Secretary Karoline Leavitt, President Trump utilized his constitutional powers to issue the pardon.

Leavitt’s statement indicated that Zhao’s prosecution stemmed from the Biden Administration’s efforts to regulate the cryptocurrency landscape.

Connection to Trump Family Venture

This pardon arrives approximately two months after The Wall Street Journal revealed a connection between a cryptocurrency venture linked to the Trump family and a lesser-known trading platform managed by Binance.

Since the 2024 election, this venture has reportedly generated around $4.5 billion in revenue.

Details of Zhao’s Plea and Binance Settlement

In 2023, Zhao acknowledged guilt regarding charges brought forth by the Department of Justice (DOJ).

As part of the agreement, he relinquished his position as Binance CEO, paid a fine of $50 million, and committed to not holding an executive role within Binance in the future.

Furthermore, Binance itself was compelled to pay a substantial $4.3 billion settlement to the U.S. government.

This settlement represents one of the most significant corporate fines levied in the history of the United States.