Donald Trump has issued a pardon for a prominent figure in the cryptocurrency world, a founder whose business ties reportedly benefited the President’s family’s crypto ventures by billions. Changpeng Zhao, the former head of the globe’s largest cryptocurrency exchange, had previously admitted guilt to a federal money laundering offense in 2023.
President Trump officially granted clemency to Changpeng Zhao, who recently completed a four-month prison term following his guilty plea to a federal money laundering charge.
This pardon, officially endorsed by Trump on Wednesday, October 22, was initially brought to light by The Wall Street Journal in a report published on Thursday, October 23.
White House Press Secretary Karoline Leavitt affirmed the decision, stating to outlets like CNBC and CNN, “President Trump utilized his constitutional authority by extending a pardon to Mr. Zhao, who faced prosecution from the Biden Administration amidst their broader stance on cryptocurrency.”
Reporting in August, The Wall Street Journal detailed how the Trump family’s crypto endeavors had allegedly received assistance from “a discreet trading platform operated by Binance.” According to the publication, this crypto initiative is estimated to have generated $4.5 billion since the 2024 election.
Zhao admitted guilt in November 2023 to charges of failing to implement an effective anti-money laundering (AML) program, as confirmed by the U.S. Department of Justice. He subsequently resigned from his position as CEO of Binance, the world’s leading crypto exchange, and completed his four-month sentence in 2024, as reported by CNN.
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Leavitt further commented in her statement, shared with CNBC, that “Such actions by the Biden Administration have significantly harmed the United States’ standing as a global leader in technology and innovation.” She concluded by declaring, “The Biden Administration’s approach to crypto is now over.”
In a public statement on social media, Zhao conveyed his profound appreciation for Trump’s clemency.
Zhao posted, “Profoundly thankful for today’s pardon and to President Trump for upholding America’s dedication to fairness, innovation, and justice.” He concluded with emojis and a pledge: “We will dedicate ourselves to helping establish America as the Capital of Crypto and to advancing web3 globally.”