In late October 2025, President Donald Trump granted clemency to crypto billionaire Changpeng Zhao, the founder of Binance. Zhao had pleaded guilty in 2023 to violating US anti-money laundering laws. The pardon follows Zhao's months-long bid for leniency and Binance's ties to the Trump family's cryptocurrency ventures.
Changpeng Zhao, known as CZ, founded Binance Holdings Ltd., the leading cryptocurrency exchange. In 2023, he pleaded guilty to failing to implement an appropriate anti-money laundering program during his tenure as chief executive officer, violating US law. For this, Zhao was sentenced to four months in prison and stepped down from his role at Binance.
Trump's pardon came after Zhao mounted a months-long effort for clemency. One factor appears to be Binance's growing connections to World Liberty Financial, a crypto platform co-founded by Trump family members. This venture forms a key part of the family's fortune, estimated at more than $7 billion.
John Cassidy, writing in The New Yorker, described the pardon as indefensible, arguing it reveals the failing checks on presidential power. Cassidy noted that Trump's grant of clemency to Zhao, one of the crypto industry's most powerful figures, underscores broader concerns about accountability in high-stakes financial crimes involving cryptocurrency, Donald Trump, and presidential pardons.