Catenaa, Friday, October 24, 2025- Former Binance CEO Changpeng Zhao received a presidential pardon from Donald Trump, White House Press Secretary Karoline Leavitt said Thursday, criticizing the prior Biden administration’s approach to cryptocurrency enforcement.
Leavitt said the Biden administration pursued Zhao despite the absence of fraud allegations or identifiable victims, framing the pardon as an end to what she called the government’s “war on crypto.”
Zhao, who was released from prison last year after serving a four-month sentence for failing to maintain an effective anti-money laundering program, thanked Trump in a post on X, pledging to help make the United States a global hub for cryptocurrency and web3 innovation.
Binance confirmed the pardon, with a spokesperson calling it “incredible news” and praising Trump’s leadership in supporting the crypto industry.
Binance CEO Richard Teng highlighted the opportunity to expand access, lower fees, and foster global innovation in financial services.
The pardon could open the door for Zhao to return to the Binance helm, though he had been banned for life from running the exchange under a previous plea agreement. Zhao’s 2023 conviction also included a $50 million fine, while Binance paid $4.3 billion in one of the largest corporate settlements on record.
Democratic critics voiced concern over the pardon. Sen. Elizabeth Warren said it raised questions about Trump’s crypto ties and the need for stronger regulation, while Leavitt maintained the action fell within the president’s constitutional authority following a thorough White House review.
Zhao’s clemency underscores the evolving relationship between U.S. policymakers and the cryptocurrency industry, highlighting ongoing debates over enforcement, regulation, and executive authority.
The pardon marks a significant shift in U.S. crypto policy and could influence both regulatory approaches and leadership structures within major digital asset firms.
