WASHINGTON (Diya TV) — President Donald Trump has granted a presidential pardon to Changpeng Zhao, the co-founder of Binance, the world’s largest cryptocurrency exchange. The White House announced the decision on October 23, 2025, stating that Trump exercised his constitutional authority to issue the pardon. Press Secretary Karoline Leavitt emphasized that Zhao had been prosecuted by the previous administration in what she described as a “war on cryptocurrency.”
In 2023, Zhao pleaded guilty to a money laundering charge related to Binance’s operations. The company was accused of failing to maintain an effective anti-money laundering program, allowing illicit transactions to occur on its platform. As part of a settlement, Binance agreed to pay over $4 billion in fines, and Zhao personally paid a $50 million fine. He was sentenced to four months in prison in April 2024 and served his sentence before being released in September 2024.
President Trump’s decision to pardon Zhao aligns with his broader stance on cryptocurrency regulation. Since taking office in January 2025, Trump has signaled a shift away from the stringent regulatory approach of the previous administration. The U.S. Securities and Exchange Commission (SEC) dismissed its lawsuit against Binance earlier this year, and the Justice Department disbanded its crypto enforcement team.
The Trump administration has also taken steps to promote the United States as a global leader in cryptocurrency innovation. The SEC established a new “crypto task force” aimed at developing a regulatory framework that supports the growth of the industry. Additionally, investor confidence has been bolstered, with Bitcoin prices surging over 50% since Trump’s election.
The pardon has sparked controversy and criticism from some lawmakers and industry observers. Democratic Senator Elizabeth Warren expressed concerns about potential conflicts of interest, citing the Trump family’s involvement in the cryptocurrency sector. Trump’s sons, Eric and Donald Jr., launched a cryptocurrency firm called World Liberty Financial earlier this year, which reportedly received a $2 billion investment facilitated by Binance.
Critics argue that the pardon could undermine efforts to combat money laundering and other illicit activities in the cryptocurrency industry. They contend that relaxing regulatory oversight may encourage bad actors to exploit the system.
Changpeng Zhao expressed deep gratitude for the pardon and pledged to support America’s role in advancing cryptocurrency technology. He emphasized the importance of fostering innovation while ensuring compliance with legal and ethical standards.
