President Donald Trump has pardoned former Binance CEO Changpeng Zhao, who served four months in prison after pleading guilty to a federal money laundering charge.
The pardon, which Trump signed on Wednesday, Oct. 22, was first reported by The Wall Street Journal on Thursday, October 23.
“President Trump exercised his constitutional authority by issuing a pardon for Mr. Zhao, who was prosecuted by the Biden Administration in their war on cryptocurrency,” White House Press Secretary Karoline Leavitt said in a statement released to CNBC and CNN.
The Wall Street Journal reported in August that the Trump family’s cryptocurrency venture had gained help from “a low-profile trading platform operated behind the scenes by Binance.” According to the newspaper, the cryptocurrency venture has made an estimated $4.5 billion since the 2024 election.
Zhao pleaded guilty to failing to maintain an effective anti-money laundering (AML) program in November 2023, according to a news release from the US Department of Justice. He agreed to retire as CEO of Binance, the world’s largest cryptocurrency exchange, and will serve a four-month sentence in 2024, according to CNN.
“These actions by the Biden administration severely damaged the United States’ reputation as a global leader in technology and innovation,” Leavitt said in a statement, according to CNBC. “The Biden Administration’s war on crypto is over.”
In a social media message, Zhao expressed his “deep gratitude” to Trump for the pardon.
“Deeply grateful for today’s pardon, and to President Trump for upholding America’s commitment to fairness, innovation, and justice,” Zhao said, adding four praying emojis. “Will do everything we can to help make America the Capital of Crypto and advance web3 worldwide.”
