Former President Donald Trump has granted a presidential pardon to Changpeng “CZ” Zhao, the founder of Binance, one of the world’s largest cryptocurrency exchanges. The pardon comes months after Zhao completed a four-month prison sentence, following his 2023 guilty plea to violations of the Bank Secrecy Act. As part of his plea deal, Zhao stepped down as CEO of Binance and paid a $50 million fine. In addition, Binance itself paid a record $4.3 billion as part of a settlement with U.S. authorities and agreed to appoint a court-approved monitor.

The decision to pardon Zhao has drawn significant attention in the financial and political spheres. Critics, including Senator Elizabeth Warren, argue the move reflects a troubling relationship between political interests and the cryptocurrency industry. The White House Press Secretary stated that Zhao’s prosecution had been part of what was described as the previous administration’s “war on cryptocurrency.” President Trump, when asked about his decision, noted that Zhao had strong support and was the subject of advocacy from several influential figures. He emphasized that many believed Zhao’s actions were not crimes and that the prosecution was politically motivated.

With his pardon, Zhao is now free to resume business operations in the United States, potentially opening the door for Binance to expand further within the U.S. market. The company hailed the pardon as a positive development, reaffirming its commitment to building a secure and accessible platform for cryptocurrency users globally. The event marks a significant moment in the ongoing dialogue between regulators, the crypto industry, and U.S. political leaders.