President Donald Trump has officially pardoned Changpeng “CZ” Zhao, the convicted founder of Binance, in a move that could reshape the U.S. government’s stance toward the crypto industry.
According to people familiar with the matter, the decision follows months of discussions and efforts by Zhao to engage with members of the Trump family, who have recently shown growing interest in building their own crypto-focused ventures.
BREAKING: President Trump has pardoned convicted Binance Founder Changpeng Zhao (CZ).
Welcome back @cz_binance. pic.twitter.com/QVHsRS696K
— The Kobeissi Letter (@KobeissiLetter) October 23, 2025
The pardon, signed on Wednesday, marks one of the most high-profile clemencies of Trump’s presidency. Sources say the president expressed sympathy toward Zhao’s claims of political persecution under the previous administration, which aggressively targeted major crypto entities through regulatory and criminal actions.
White House press secretary Karoline Leavitt confirmed the pardon, emphasizing that Trump “exercised his constitutional authority” in granting clemency to Zhao. “Mr. Zhao was prosecuted by the Biden Administration in their war on cryptocurrency,” she stated. “The Biden Administration’s war on crypto is over.”
Binance has yet to issue an official response to the news. However, market observers expect the pardon to pave the way for the exchange’s potential reentry into the U.S. market.
Binance had pleaded guilty in 2023 to violating anti–money laundering regulations and was subsequently banned from operating in the country.
The company has spent nearly a year pursuing a pardon for Zhao, who served a four-month sentence that ended in September 2024. His conviction stemmed from compliance failures related to the exchange’s oversight of illicit transactions.
The development marks a significant turning point for Binance and the broader crypto industry, signaling a friendlier regulatory approach under the Trump administration.
Analysts suggest that the move could restore investor confidence and encourage global exchanges to reengage with the U.S. market.
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