U.S. President Pardons Binance Founder Changpeng Zhao

On October 23, 2025, President Donald Trump issued a full presidential pardon to Changpeng Zhao, the founder of Binance, the world’s largest cryptocurrency exchange. The pardon covers Zhao’s 2023 conviction for violating the Bank Secrecy Act, which led to his resignation as CEO and a four-month custodial sentence in 2024. Zhao also agreed to pay a $50 million fine as part of his plea agreement.

Details of the Plea and Sentence

In November 2023, Zhao pleaded guilty to charges that he and Binance employees facilitated transactions for U.S. customers on offshore platforms, thereby evading U.S. anti-money laundering regulations. The plea deal required Zhao to step down from operational leadership, pay the fine, and accept a court-appointed compliance monitor. The Department of Justice, Commodity Futures Trading Commission, and Treasury Department also imposed a record $4.3 billion fine on Binance itself.

Reaction from Binance and Political Figures

Following the pardon announcement, Zhao released a statement expressing “deep gratitude” to the President. A Binance spokesperson praised the decision, citing it as a signal of commitment to U.S. innovation. Meanwhile, Senator Elizabeth Warren criticized the pardon as “a moment of corruption,” highlighting concerns over executive overreach in crypto regulation. The American crypto community remains divided, with some viewing the pardon as a path to renewed U.S. expansion and others fearing diminished regulatory accountability.

Implications for U.S. Crypto Policy

The pardon arrives amid ongoing debates over federal crypto regulations, including market-structure reforms and stablecoin oversight. With Zhao now free to pursue business ventures, Binance may intensify efforts to secure U.S. regulatory approvals and partnerships. Observers note that the pardon could embolden other industry leaders seeking clemency or leniency, reshaping the regulatory landscape for global crypto exchanges operating in the United States.