US President Trump pardoned Changpeng Zhao (CZ), the founder of Binance. Zhao, who had previously pleaded guilty to money laundering charges and served a prison sentence, was pardoned by Trump, citing his actions as part of an undue suppression of the crypto industry.
Trump orders pardons, White House: It is a response to the Biden administration's anti-encryption policy
White House press secretary Karoline Leavitt issued a statement Thursday stating that Trump, acting under his constitutional authority, issued a pardon for Changpeng Zhao because "the Biden administration is using him as a sacrificial lamb in its war on cryptocurrency." Leavitt emphasized that Changpeng Zhao had not engaged in fraud and had no identified victims, yet he was being pursued by a politicized judicial system.
Trump himself, when answering questions from the media later that day, downplayed the issue by saying, "I don't know. He was recommended by many people." He added, "A lot of people said he did nothing wrong, so I pardoned him. It was a request from many very good people."
Is Binance connected to the Trump family? The Wall Street Journal has already reported on this.
Two months before Zhao Changpeng was pardoned, the Wall Street Journal revealed a key piece of information: the Trump family's cryptocurrency business has accumulated revenue of US$4.5 billion since the 2024 election, and part of the success came from the "secret trading platform" in cooperation with Binance.
Furthermore, NBC News revealed that Binance hired Charles McDowell, a lobbyist with close ties to Donald Trump Jr., in September of this year. McDowell served as a policy lobbyist for the White House and the Treasury Department, helping to secure an executive pardon and favorable digital asset policies. This partnership resulted in $450,000 in consulting fees for September alone.
Changpeng Zhao expresses gratitude and vows to help the US become the capital of cryptocurrency
Changpeng Zhao posted on the X platform, "I am deeply grateful for today's pardon and thank President Trump for defending America's commitment to fairness, innovation, and justice." He further pledged, "We will fully support making the United States the global capital of cryptocurrency and promote the global development of Web3."
Binance co-founder and current CEO supports CZ
Binance co-founder He Yi also voiced her support on social media: "Today's pardon news is incredible! Thank you to President Trump for his leadership and commitment to making the United States a global hub for crypto." She reflected on CZ's contributions, emphasizing, "His vision made Binance the world's largest cryptocurrency exchange and shaped the development of the entire crypto industry."
Binance’s current CEO, Richard Teng, also expressed his gratitude: “This is not only a moment of reflection on CZ’s personal journey, but also a journey that allows us to see how the crypto industry has come to where it is today.” He said that Binance will “continue to work with clearer goals to reduce transaction fees, strengthen trust, and promote global innovation,” and expressed his willingness to work with global policymakers to create a more open financial future.
Trump pardons George Santos again within a week
Changpeng Zhao isn't the only person Trump has pardoned recently. Just last week, Trump commuted the sentence of former New York Congressman George Santos, who had been facing an 87-month prison sentence after pleading guilty to wire fraud and identity theft.
The series of pardons has attracted attention from the outside world, and many people question whether Trump is using his pardon power to give back to his supporters, or is making plans for next year's election and winning support from the cryptocurrency industry.
Is the intersection between the cryptocurrency world and the White House just beginning?
Changpeng Zhao's pardon by Trump undoubtedly opens a new chapter in the intersection of cryptocurrency and politics in 2025. With Trump actively embracing blockchain and digital asset issues, the future direction of regulation and policy in the crypto industry is likely to undergo a significant shift.
Will Binance's deep connections with US politics change global perceptions of the exchange? As the US election heats up, the struggle between the cryptocurrency world and power has only just begun.
This article Trump pardons Binance founder Zhao Changpeng, CZ: Will help the United States become a global encryption center first appeared in Chain News ABMedia.