President Trump exercised his authority to grant clemency today, issuing a pardon to Binance founder and former CEO Changpeng “CZ” Zhao. The possibility of a pardon was rumored earlier this month.
Via X, Binance issued the following statement:
“Incredible news of CZ’s pardon today! Thank you, President Trump, for your leadership and for your commitment to make the US the crypto capital of the world! CZ’s vision not only made Binance the world’s largest crypto exchange but shaped the broader crypto movement. Binance remains focused on building a secure, transparent, and user-first platform that reduces fees and increases access to the financial system for all.”
CZ stated:
“Deeply grateful for today’s pardon and to President Trump for upholding America’s commitment to fairness, innovation, and justice. Will do everything we can to help make America the Capital of Crypto and advance web3 worldwide.”
CZ was convicted of anti-money laundering transgressions and eventually sentenced to four months in prison after pleading guilty. Zhao was also required to pay a $50 million penalty. It was reported that federal prosecutors sought a three-year prison sentence.
In November 2023, the US Department of Justice issued a penalty on Binance of $4.3 billion for violating anti-money laundering and sanctions laws.
WSJ.com reported that President Trump issued the pardon on Wednesday (October 22), and White House press secretary Karoline Leavitt said that Trump had pardoned Zhou, who was “prosecuted by the Biden Administration in their war on cryptocurrency.”
“The Biden Administration’s war on crypto is over,” stated Leavitt
Last March, the SEC dropped an ongoing enforcement action against Binance.
The report also noted that Binance has partnered with Trump family crypto projects, including the World Liberty project, which has created significant value for the family.
Binance remains the largest crypto exchange in the world by a large margin, with the most recent daily trading volume topping $23 billion.
The Trump administration’s embrace of digital asset innovation starkly contrasts with the Biden Administration, which effectively sought to undermine its development. Currently, the Securities and Exchange Commission is reviewing updates to rules to enable digital asset innovation, and Congress is nearing approval of a significant market infrastructure bill, the CLARITY Act, that will support the crypto industry as it strives to improve financial markets and the trading and issuance of all asset classes.