Trump pardons former Binance CEO Changpeng Zhao

Investing.com -- U.S. President Donald Trump has pardoned Changpeng Zhao, the convicted founder of cryptocurrency exchange Binance.

Trump signed the pardon on Wednesday following months of efforts by Zhao to support the Trump family’s crypto company.

Zhao, commonly known as CZ, is a Chinese-born Canadian businessman who co-founded Binance. He resigned as CEO in November 2023 after pleading guilty to money laundering charges in the United States. In April 2024, he was sentenced to four months in prison and completed his sentence by September 2024.

The president has reportedly told advisers he was sympathetic to arguments that Zhao faced political persecution.

White House press secretary Karoline Leavitt confirmed the pardon, stating that Trump "exercised his constitutional authority by issuing a pardon for Mr. Zhao, who was prosecuted by the Biden Administration in their war on cryptocurrency."

Leavitt added, "The Biden Administration’s war on crypto is over."

In response to the pardon, Zhao said he is grateful.

"Deeply grateful for today’s pardon and to President Trump for upholding America’s commitment to fairness, innovation, and justice," CZ said on X. "Will do everything we can to help make America the Capital of Crypto and advance web3 worldwide."

Binance called the news "[i]ncredible."

"Incredible news of CZ’s pardon today!" the company said on X Thursday afternoon. "Thank you, President Trump @POTUS, 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."

Leading cryptocurrencies moved higher following the news. As of 3:45 PM ET, Bitcoin traded up 2.3% to $110,259, Ethereum gained 1.5% to $3,859, and Binance’s own cryptocurrency, BNB, rose 4.5% to $1,118.