President Donald Trump has pardoned Binance founder Changpeng Zhao, who had previously pleaded guilty to enabling money laundering while heading the cryptocurrency exchange, the White House said Thursday.
The pardon came two months after The Wall Street Journal reported that the Trump family’s own crypto venture, which has generated about $4.5 billion since the 2024 election, has been helped by “a partnership with an under-the-radar trading platform quietly administered by Binance.”
“President Trump exercised his constitutional authority by issuing a pardon for Mr. Zhao, who was prosecuted by the Biden Administration in their war on cryptocurrency,” White House Press Secretary Karoline Leavitt said in a statement.
“In their desire to punish the cryptocurrency industry, the Biden Administration pursued Mr. Zhao despite no allegations of fraud or identifiable victims,” Leavitt said.
Trump’s pardon of Zhao came nearly a week after he commuted the 87-month prison sentence of former New York Rep. George Santos, who had pleaded guilty to wire fraud and aggravated identity theft.
