Former U.S. President Donald Trump has officially granted a presidential pardon to Changpeng “CZ” Zhao, the former CEO of the world’s largest cryptocurrency exchange, Binance.
Trump stated that he doesn’t personally know Zhao but made the decision after “many good people” recommended him, adding that the former CEO had been unfairly targeted as part of the Biden administration’s campaign against the crypto industry.
Who Is CZ and Why Was He Imprisoned?
Changpeng Zhao, widely known as CZ, founded Binance and led it to global dominance in the crypto exchange market. In November 2023, the U.S. government charged both Binance and CZ with violations of the Bank Secrecy Act, operating an unlicensed money transmission business, and other related offenses.
To settle the case, Binance and Zhao reached a plea agreement with U.S. authorities. In April 2024, a federal court sentenced CZ to four months in prison. He began serving his sentence on June 1, 2024, and was released by the end of September 2024.
As part of the plea deal, CZ resigned as Binance’s CEO and gave up his seat on the Binance.US board. Since his release, he has focused on an educational initiative called Giggle Academy, emphasizing that he has no plans to return to Binance’s leadership.
Rumors of a Pardon and Trump’s Decision
In March 2025, several media outlets reported that Trump’s family was allegedly involved in discussions about acquiring a stake in Binance.US. Zhao’s participation in these talks reportedly fueled speculation that a presidential pardon might follow.
CZ publicly dismissed those claims, calling them political attacks on both himself and Trump’s pro-crypto stance. Nevertheless, he formally submitted a clemency request two months later, acknowledging that “the media was already talking about it.”
Trump officially signed the pardon order on October 23, 2025, according to The Wall Street Journal, citing White House Press Secretary Caroline Levitt. She confirmed the news, quoting Trump’s statement that Zhao had been a victim of “Biden’s war on cryptocurrencies.”
During a subsequent Homeland Security Task Force roundtable, Trump elaborated on his decision:
“I’ve pardoned many people. I don’t know him [Changpeng Zhao] personally, but he was recommended by many good people. A lot of people think he’s innocent. From what I’ve been told, what he did wasn’t even a crime. The Biden administration went after him because of crypto.”
CZ Responds to the Pardon
CZ expressed his gratitude on X (formerly Twitter):
“Deeply grateful for today’s pardon and to President Trump for reaffirming America’s commitment to justice, innovation, and fairness. We’ll continue to do everything possible to help make the U.S. a global hub for cryptocurrency and Web3 development.”
What’s Next: Could Sam Bankman-Fried Be Next?
Following Trump’s pardon of CZ, speculation arose that he might also grant clemency to FTX founder Sam Bankman-Fried, who is currently serving a 25-year prison sentence.
According to Polymarket, the probability of Bankman-Fried’s potential pardon briefly spiked to 13.4% after the news but later declined. His appeal hearing is scheduled for November 4, 2025.
