President Donald Trump has pardoned Changpeng Zhao, the founder of the cryptocurrency exchange Binance, who pleaded guilty in 2023 to violating US anti-money-laundering laws.
“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,” a White House statement said. “The war on crypto is over.”
Zhao, also known by his initials CZ, was sentenced to four months in prison and completed his term in 2024 after Binance paid $4.3 billion to settle related charges.
The company was accused of allowing illicit transactions to occur due to weak compliance controls and later agreed to strengthen oversight as part of the settlement.
The pardon marks a notable shift in federal crypto policy under the Trump administration, which has pledged to reduce regulatory pressure on the industry.
“Incredible news of CZ’s pardon today. We thank President Trump for his leadership and for his commitment to make the US the crypto capital of the world,” a spokesperson for Binance said in a statement.
Binance’s token jumped on the news, trading up 3.6% at about $1,111 on Thursday afternoon.