🔥On October 23, 2025, U.S. President Donald Trump officially pardoned Changpeng “CZ” Zhao, the founder of Binance, the world’s largest cryptocurrency exchange. The move ended CZ’s long legal battle — and instantly ignited fierce debate across both Washington and the global crypto community.
Was this pardon a bold correction of what Trump calls the Biden administration’s “war on crypto” — or a strategic exchange of power, money, and influence? And the question everyone’s asking: Will CZ return to lead Binance?
⚖️ Behind the Pardon
To understand the impact, we must revisit CZ’s story.
In November 2023, CZ pleaded guilty to violating the U.S. Bank Secrecy Act, admitting that Binance failed to maintain an effective anti–money-laundering program. The exchange paid $4.3 billion in fines, while CZ stepped down as CEO and personally paid $50 million. In 2024, he served four months in prison, released in September.
One year later, Trump’s pardon wiped the slate clean. White House Press Secretary Karoline Leavitt declared, “The Biden administration’s war on cryptocurrencies is over.” She described CZ’s case as “political persecution” — an attempt to punish the entire crypto sector.
The market reacted instantly. BNB skyrocketed past $1,140, and CZ expressed “deep gratitude” to Trump, vowing to help make America the capital of crypto. Binance’s leadership, including He Yi and Richard Teng, echoed their support, praising CZ’s vision and his impact on global blockchain innovation.
---
🧩 Two Competing Narratives
1️⃣ Political Redemption — Ending the War on Crypto
Supporters claim Trump’s pardon corrects an overreach. They argue the Biden-era crackdown severely damaged the U.S.’s reputation as a tech innovator.
Trump himself distanced from CZ personally but admitted:
> “Many excellent people told me he was innocent — targeted unfairly by Biden’s administration.”
To them, the pardon signals a friendlier, pro-innovation stance. It’s a message to entrepreneurs: America is open for crypto business again.
---
2️⃣ Power and Profit — A Pay-to-Play Deal?
Critics see something more sinister — a “pay-for-play” pardon rooted in money and political influence.
Senator Elizabeth Warren condemned the act, saying:
> “CZ pleaded guilty, then sought a pardon by funding Trump’s family crypto ventures. This is corruption, plain and simple.”
Representative Maxine Waters called it “outrageous but not surprising,” accusing Trump of prioritizing personal gain over justice.
The allegations point to a web of interests:
💵 Trump family’s crypto project — “World Liberty Financial,” issuer of the USD1 stablecoin.
🏦 $2 billion investment — In March 2025, Abu Dhabi’s MGX fund invested $2B into Binance, reportedly using USD1 stablecoins.
📈 Massive business gains — This boosted USD1’s liquidity and market trust, generating $60–80 million yearly in returns for Trump’s enterprise.
🔗 Lobbying ties — Binance allegedly hired lobbyist Charles McDowell, closely connected to Donald Trump Jr., to push for the pardon.
Critics argue that the pardon is the final piece of this strategic alliance — Binance’s investment fueling Trump’s project, and Trump returning the favor with clemency.
---
🔮 What’s Next for CZ and Binance?
The big question: Will CZ return as CEO?
Prediction markets like Polymarket show a 50/50 split. His return could boost market confidence, attract institutional investors, and reignite Binance’s global expansion.
However, legal hurdles remain.
The DOJ settlement barred CZ from managing Binance for a set period. While a presidential pardon removes criminal liability, it may not override civil regulatory restrictions. Binance, under Richard Teng, might also prefer to maintain stability and highlight its new, compliant image.
---
🌍 Bigger Picture: A Turning Point for Crypto
No matter how it’s interpreted, this pardon reshapes the crypto landscape. It signals a shift in U.S. power politics — from hostility to cautious cooperation with digital assets.
For the industry, it’s both a victory and a warning:
A win for crypto freedom — but a reminder of how deeply political and financial power now intertwine within the blockchain world.
---
⚠️ Conclusion
$TRUMP ’s pardon of Changpeng Zhao is not just about one man — it’s about the convergence of politics, money, and innovation.
It can be seen as a bold correction of past overregulation, or as a transactional move cloaked in rhetoric about “freedom” and “fairness.”
Either way, it has bound together the futures of Trump, CZ, Binance, and the global crypto industry like never before.
What comes next — reform or reckoning — will define the next era of digital finance.
