President Donald Trump has granted a full pardon to Changpeng Zhao, the founder of global cryptocurrency exchange Binance, a White House official confirmed.
White House Press Secretary Karoline Leavitt announced the decision during a briefing, saying the President “exercised his constitutional authority by issuing a pardon for Mr. Zhao, who was prosecuted by the Biden Administration in their war on cryptocurrency.”
Zhao, widely known as “CZ,” faced legal troubles stemming from charges brought during the previous administration over alleged violations of U.S. financial laws. His company was accused of failing to implement proper anti–money laundering safeguards, resulting in a major settlement with federal regulators.
Leavitt said the administration viewed Zhao’s case as emblematic of what it calls the previous administration’s “hostility toward financial innovation.”
“The President believes in American leadership in emerging technologies, not criminalizing them,” she told reporters. “This pardon sends a clear message that under President Trump, the United States welcomes crypto innovation while maintaining strong, fair oversight.”
Financial analysts say the decision could reinvigorate the cryptocurrency industry, which has seen renewed activity since the administration began easing regulations earlier this year.
