On Thursday, President Donald Trump pardoned Changpeng “CZ” Zhao, the former CEO of Binance, who had served four months in prison after pleading guilty in 2023 to failing to maintain an effective anti-money laundering program.

Zhao was also fined $50 million, and Binance agreed to pay $4.3 billion in settlements. Zhao was released from custody in September 2024.

Trump denies personal ties, cites Zhao’s support

Addressing reporters about the decision, President Trump stated:

“I do pardon a lot of people. He was recommended by a lot of people. Are you talking about the crypto person? A lot of people say he wasn’t guilty of anything.”

Trump added that he does not personally know Zhao:

“I don’t know him, I don’t believe I’ve ever met him, but I’ve been told he had a lot of support and they say that what he did is not even a crime… so I gave him a pardon at the request of a lot of very good people.”

Links to World Liberty Financial

Earlier in 2025, reports suggested that Trump-backed World Liberty Financial held talks to acquire a stake in Binance.US, as Zhao was seeking a presidential pardon.

The firm denied these claims as politically motivated.

Later, Abu Dhabi–based MGX announced it would use World Liberty’s USD1 stablecoin in a $2 billion deal with Binance.

Waters condemns pardon as corrupt

Rep. Maxine Waters, ranking Democrat on the House Financial Services Committee, sharply criticized the pardon in a statement:

“Trump’s pardon of Binance founder Changpeng Zhao … is an appalling but unsurprising reflection of his presidency: one defined by corruption, self-interest, and loyalty to criminals over working-class American families.”

Waters also alleged that the pardon was the result of Zhao’s lobbying efforts and financial ties to Trump-affiliated companies.

Pardons

Since taking office, Trump has issued several high-profile pardons, including for Ross Ulbricht, creator of Silk Road.