President Donald Trump pardoned Binance founder Changpeng Zhao on October 21, 2025, after Zhao served four months in prison for anti-money laundering violations. In a recent 60 Minutes interview, Trump admitted he does not know Zhao personally and described the conviction as a Biden administration witch hunt. The pardon coincides with business ties between the Trump family and Binance, raising questions about potential conflicts.
Changpeng Zhao, the founder of cryptocurrency exchange Binance, pleaded guilty in 2023 to failing to maintain an adequate anti-money laundering program under the Bank Secrecy Act. He was sentenced to four months in federal prison in April 2024, far less than the three years requested by the U.S. government, and released in September 2024.
On October 21, 2025, President Trump issued a pardon for Zhao, recasting him as a martyr persecuted by the previous administration. During a 60 Minutes interview aired on November 2, 2025, correspondent Norah O’Donnell pressed Trump on the decision, noting the government's claim that Zhao's actions caused significant harm to U.S. national security by allowing groups like Hamas to move millions of dollars. Trump responded, “Okay, are you ready? I don’t know who he is. I know he got a four-month sentence or something like that. And I heard it was a Biden witch hunt.”
Trump emphasized he had never met Zhao, stating, “I don’t know the man at all. I don’t think I ever met him... I was told that he was a victim, just like I was... of a vicious, horrible group of people in the Biden administration.” He added that “a lot of people say that he wasn’t guilty of anything,” despite Zhao's guilty plea.
The pardon may facilitate Binance's full return to the U.S. market, where it has operated a separate exchange since 2019. Bloomberg reported that Binance is considering consolidating its U.S. operations or entering the global exchange directly. This comes amid reported talks between the Trump family and Binance about a financial stake in its U.S. arm. Last week, a Wall Street Journal report revealed Binance facilitated a $2 billion purchase of the USD1 stablecoin from Trump-backed World Liberty Financial, with Trump sons Eric and Donald Jr. leading the family's crypto ventures.
Trump distanced himself, saying, “My sons are involved in crypto much more than I—me... I know very little about it.” Zhao, with a net worth of $52.6 billion and a controlling stake in Binance, posted on X after the pardon: “Binance will do everything we can to help make America the Capital of Crypto and advance web3 worldwide.” The move has the crypto industry bracing for potential impacts on regulation and market dynamics.