Trump pardons Binance founder Changpeng Zhao, who has ties to sons’ crypto business
The White House said President Donald Trump pardoned Changpeng Zhao, who created the world’s largest cryptocurrency exchange, Binance. Zhao pleaded guilty to enabling money laundering in 2023.
During his time as CEO, his company was used to move money connected to child sex abuse, drug trafficking and terrorism. Zhao had previously asked Trump for a pardon.
He is also connected to World Liberty Financial, a cryptocurrency venture Trump’s sons Eric and Donald Jr. started in September. The president’s most recent financial disclosure report revealed he made more than $57 million from the company in 2024.
Why did Trump say he pardoned Zhao?
White House press secretary Karoline Leavitt released a statement following the pardon. In the statement, she said the Biden administration prosecuted Zhao to “punish the cryptocurrency industry.”
Leavitt said there were “no allegations of fraud or identifiable victims.” However, Zhao admitted to his crimes.
“I made mistakes, and I must take responsibility. This is best for our community, for Binance, and for myself,” Zhao wrote after he resigned from Binance in 2023.
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Ella Rae Greene, Editor In Chief
