Trump Pardons Binance Founder Changpeng Zhao for Money-Laundering Conviction
Key Points:
- President Donald Trump pardoned Changpeng Zhao (CZ), founder of Binance, following his conviction for inadequate anti-money-laundering measures. Zhao had served a four-month sentence and stepped down as CEO in 2024.
- The pardon is seen as an end to what was described by the White House as the Biden administration's "war on cryptocurrency." It was part of a larger investigation resulting in Binance paying over $4 billion in fines for US financial law violations.
- Speculation about the pardon grew amid reports of communication between Trump's associates and Binance executives regarding potential partnerships. Both CZ and current CEO Richard Teng denied these claims.
- Zhao still owns a majority of Binance but has been barred from executive roles by US regulators. The pardon lifts some legal restrictions, allowing him more operational freedom, though it does not restore executive authority at Binance.
- This development could aid Binance's efforts to resume operations in the US and improve its reputation following past legal issues.