US President Donald Trump said he decided to pardon Binance founder Changpeng “CZ” Zhao following strong lobbying and recommendations from “a lot of people” who believed Zhao was innocent.
Speaking at a news conference on Thursday, Trump explained that his decision was influenced by widespread support for the crypto executive, noting that “many people said he wasn’t guilty of anything.”
“I don’t know him, I don’t believe I’ve ever met him, but I’ve been told he had a lot of support, and they said that what he did is not even a crime, it wasn’t a crime, he was persecuted by the Biden Administration.”
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CZ Expresses Gratitude and Eyes Return to Binance
After receiving the presidential pardon, CZ shared his appreciation on X, saying he was “deeply grateful” and pledged to “do everything we can to help make America the Capital of Crypto and advance Web3 worldwide.”
Under his previous plea agreement, Zhao was required to step down as Binance’s CEO and was barred from holding any role at the exchange. The pardon, however, could pave the way for his potential return to the company.
CZ’s Lawyer Defends Trump’s Pardon
CZ had received a four-month prison sentence after pleading guilty to violating the US Bank Secrecy Act by failing to maintain an effective anti–money laundering system at Binance.
His attorney, Teresa Goody Guillén, praised the presidential pardon, calling it justified. She emphasized that Zhao faced “a single charge of failure to have an effective compliance program,” adding that there was “no fraud, no victims, no criminal history, and no money laundering.”
