US President Donald Trump has granted a full pardon to Changpeng “CZ” Zhao, the founder of Binance, concluding months of speculation over his legal fate and marking a major shift in Washington’s approach to cryptocurrency regulation.
The White House announced the decision on Thursday, stating that Trump had “exercised his constitutional authority by issuing a pardon for Mr Zhao, who was prosecuted by the Biden Administration in their war on cryptocurrency” and declared that “the war on crypto is over”.
Zhao, one of the world’s wealthiest crypto figures, had pleaded guilty in late 2023 to failing to maintain an anti-money laundering program, which led to a US$4.3 billion (AU$6.6 billion) settlement with regulators and a four-month prison sentence. His guilty plea also forced Binance to cease operations in the United States.
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The pardon follows nearly a year of lobbying and private meetings aimed at persuading the Trump administration to reverse Zhao’s conviction. According to the Wall Street Journal, Zhao and Binance worked to rebuild relations with Trump’s circle after the launch of World Liberty Financial.
Binance issued a statement thanking Trump for his “leadership and commitment to make the US the crypto capital of the world,” while CZ posted a similar sentiment to X.
Deeply grateful for today’s pardon and to President Trump for upholding America’s commitment to fairness, innovation, and justice.
— CZ
Will do everything we can to help make America the Capital of Crypto and advance web3 worldwide.
(Still in flight, more posts to come.)…BNB (@cz_binance) October 23, 2025
Trump told reporters that he believed Zhao’s prosecution had been politically driven, suggesting that he was widely considered innocent and that his actions did not constitute a crime.
Critics, however, warned that the decision undermines accountability. Democratic senators led by Elizabeth Warren accused the administration of favouring corporate interests, while Republican Senator Thom Tillis said the move “sends a bad signal,” emphasising that Zhao “was convicted” and “is not innocent”.
If Congress does not stop this kind of corruption in pending market structure legislation, it owns this lawlessness.
Senator Elizabeth Warren The pardon may pave the way for Binance’s return to the US market, although the company has yet to receive regulatory approval.
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