Trump Pardons Binance Founder After Helping Boost His Family’s Crypto Empire

President Donald Trump on Thursday pardoned Changpeng “CZ” Zhao, the convicted founder of Binance, the world’s largest crypto exchange.

The move follows months of overlap between Zhao’s interests and the Trump family’s burgeoning crypto venture, World Liberty Financial, which has helped drive a massive jump in the president’s personal fortune, The Wall Street Journal reported. (RELATED: Hawley Breaks With GOP As Senate Backs Bailout For Crypto Investors)

“The Biden Administration’s war on crypto is over,” White House press secretary Karoline Leavitt said, defending the pardon.

Zhao pleaded guilty in 2023 to failing to maintain an effective anti-money-laundering program and served nearly four months in prison; Binance paid a record $4.3 billion and accepted multi-year federal monitors, according to the Justice Department and Treasury.

The pardon could clear Zhao’s path to reengage more openly in U.S. markets and may affect Justice Department oversight, though Treasury’s separate monitorship would require additional action to unwind.

Since Trump’s election, Binance has emerged as a key supporter of the Trump family’s World Liberty Financial operation and its dollar-pegged token, USD1, according to the Journal’s reporting on the family’s crypto windfall.

Zhao thanked Trump and pledged to support U.S. crypto leadership in a statement posted after the pardon, the Journal reported. (RELATED: Cyber Criminals Steal Millions After Hacking Popular Crypto Exchange)

Binance’s 2023 plea detailed extensive lapses that, prosecutors said, enabled illicit transactions touching sanctions targets and criminal enterprises; Zhao personally paid a $50 million fine, the Justice Department said.