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U.S. President Donald Trump granted a full pardon on Wednesday to Changpeng Zhao, founder of Binance Holdings Ltd., the world’s largest cryptocurrency exchange. Trump said Zhao was “a victim of the Biden administration’s ideological war on digital assets” and that the decision was made under his constitutional authority.
Zhao pleaded guilty in November 2023 to violating U.S. anti–money laundering laws and stepped down as Binance’s chief executive. Following a $4.3 billion settlement with the Justice Department, he was sentenced in April 2024 to four months in federal prison.
The pardon marks Trump’s third major intervention this year on behalf of figures in the digital-asset industry. Earlier, he issued full pardons to three BitMEX founders and commuted the sentence of Bitfinex’s former chief technology officer.
Political Statement Against Regulation
White House press secretary Caroline Levitt said Zhao’s prosecution “was driven by the Biden administration’s regulatory zealotry,” adding that the pardon “is a corrective measure against unfair treatment of innovators in the crypto sector.”
Trump has repeatedly positioned himself as a proponent of digital innovation, calling cryptocurrency “America’s future industry” during his campaign and pledging to make the United States “the global hub of digital asset technology.”
Analysts said the move could strengthen Trump’s influence both politically and within the crypto community. Online forums quickly lit up with celebratory messages such as “CZ is back” and “Trump proves again he’s crypto’s friend.”
Market Reaction
Binance’s native token, BNB, jumped after the announcement, gaining about 5.4% to ₩1,639,444 as of 12:56 a.m. local time on Oct. 24. Traders said the rebound reflected renewed investor confidence following Zhao’s legal vindication. Analysts added that clearing Zhao’s record could improve Binance’s operational stability and boost the long-term value of BNB within the exchange’s ecosystem.
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