President Donald Trump on October 23, 2025, granted a full pardon to Changpeng “CZ” Zhao, the convicted founder of Binance, according to the White House.
Zhao pleaded guilty in November 2023 to a single violation of the Bank Secrecy Act for failing to implement an effective anti-money-laundering program at the world’s largest crypto exchange.
He served four months in federal custody and was released in September 2024 after completing his sentence.
What the pardon covers
In a statement, White House press secretary Karoline Leavitt said the president “exercised his constitutional authority by issuing a pardon for Mr. Zhao,” characterizing the prior prosecution as part of what she called a “war on cryptocurrency.”
The White House did not immediately detail additional conditions connected to the clemency.
The pardon affects Zhao’s federal criminal liability. It does not change Binance’s separate obligations under its corporate resolutions with U.S. authorities.
As part of a 2023 settlement, Binance agreed to pay $4.3 billion in penalties and operate under independent compliance monitors for multi-year terms overseen by the Justice Department and the Treasury Department’s Financial Crimes Enforcement Network.
How CZ got here
Zhao’s plea in November 2023 resolved a yearslong U.S. probe into Binance’s controls. Prosecutors said the exchange failed to maintain an effective anti-money-laundering program and to stop transactions involving sanctioned entities.
The settlement required Zhao to step down as CEO, pay a $50 million personal fine, and accept compliance obligations, while Binance agreed to the record corporate penalty.
A federal judge in Seattle sentenced Zhao to four months in prison on April 30, 2024, shorter than the multi-year term prosecutors sought. He reported to custody and was released in late September 2024, according to reporting at the time.
In recent weeks, speculation about potential clemency circulated in crypto media and financial press. Zhao commented on social media that there were no fraud charges in his case and that his plea was to a single Bank Secrecy Act count.
Industry and market context
Digital asset markets have surged in 2025. Bitcoin set a fresh record in early October, trading above $125,000 on October 5–6 before pulling back. As of October 23, bitcoin trades near $110,000 intraday after recent volatility.
Public listings of crypto companies accelerated this year. Exchange operator Bullish debuted on the New York Stock Exchange in August 2025 at an opening valuation near $13.2 billion, and Gemini, founded by Cameron and Tyler Winklevoss, completed its U.S. IPO in September.
The pardon also arrives as the administration promotes a friendlier policy posture toward digital assets. Officials have publicly pledged to pursue rules that keep the U.S. competitive, including rhetoric about making America a “crypto capital.”
