Trump Pardons Binance Founder Changpeng Zhao

President Donald Trump has granted a pardon to billionaire Changpeng Zhao, the founder of the cryptocurrency exchange Binance, who was previously convicted on charges related to money laundering. The decision follows Zhao’s guilty plea in November 2023 and the completion of a four-month prison sentence.

Binance reached a multi-billion-dollar settlement with the Biden administration’s Department of Justice in 2023, after which Zhao stepped down as CEO. The company was subsequently banned from operating in the United States.

The White House stated that President Trump issued the pardon citing “political persecution” by the previous administration. According to press secretary Karoline Leavitt, the move was justified by the absence of fraud allegations or identifiable victims.

Changpeng Zhao, a Chinese-born Canadian citizen, has an estimated net worth of around $86 billion and continues to hold a majority stake in Binance. U.S. media outlets have reported that members of the Trump family have indirect investment links to the cryptocurrency sector, including Binance, through a fund known as World Liberty Financial.