Update (Oct. 23 at 5:45 pm UTC): This article has been updated to incorporate a response from Binance.
US President Donald Trump has pardoned convicted Binance founder Changpeng “CZ” Zhao, following months of lobbying and appeals from the company and its former CEO, The Wall Street Journal reported Thursday, citing people familiar with the matter.
President Trump signed the pardon on Wednesday, the people said, though no official details have been published on the White House website or in the Federal Register, where presidential pardons are typically announced. The information was later confirmed by Binance.
Zhao pleaded guilty in November 2023 to one count of failing to implement an adequate Anti-Money Laundering (AML) program at Binance, violating the Bank Secrecy Act. As part of his plea, Zhao agreed to step down from his role at Binance.
In April 2024, Zhao was sentenced to four months in a US prison. He was subsequently released from custody in September.
Binance confirmed the presidential pardon to Cointelegraph, sharing the following statement:
“Incredible news of CZ’s pardon today. We thank President Trump for his leadership and for his commitment to make the US the crypto capital of the world. CZ’s vision not only made Binance the world’s largest crypto exchange but shaped the broader crypto movement.”
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CZ pardon bets have been growing
Speculation over a possible pardon for Zhao has been mounting for weeks. Betting markets in September showed rising odds after the Binance founder quietly removed the “ex-@binance” tag from his social media profile — a label he had added following his plea deal.
As Cointelegraph reported, citing the New York Post and Fox News correspondent Charles Gasparino, momentum for a pardon picked up earlier this month. Gasparino said that Trump was “leaning toward a pardon […] which could set the stage for CZ’s return to the crypto exchange, as he remains Binance’s largest shareholder.”
A presidential pardon could allow Zhao to return to an executive role at Binance — an option that had previously been off the table under his plea agreement.
Nevertheless, Zhao wouldn’t be the first high-profile crypto figure to receive clemency from President Trump. Since taking office, Trump has pardoned the three BitMEX co-founders, including Arthur Hayes, as well as Silk Road founder Ross Ulbricht, who had been serving two life sentences plus 40 years.
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