Trump Pardons Convicted Binance Founder Changpeng Zhao

By Adedapo Adesanya

President Donald Trump of the United States has pardoned Binance founder, Mr Changpeng Zhao, who had previously pleaded guilty to enabling money laundering while heading the cryptocurrency exchange.

In a statement on Thursday, White House press secretary, Ms Karoline Leavitt, said President Trump had “exercised his constitutional authority by issuing a pardon for Mr Zhao, who was prosecuted by the Biden Administration in their war on cryptocurrency.”

“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,” Mrs Leavitt said in a statement.

Mr Zhao, in November 2023, pleaded guilty in the case and agreed to step down as Binance CEO as part of a $4.3 billion settlement by the company with the Department of Justice.

He was sentenced in April 2024 to just four months in jail and was released in September of the same year.

Federal prosecutors had asked a judge to sentence Zhao to three years in prison.

The allegations included Mr Zhao’s failure to implement an effective anti-money laundering program, as required by the Bank Secrecy Act.

It was also alleged that Binance had processed transactions linked to unlawful activities, including those between US citizens and individuals in sanctioned regions like Iran.

As part of the settlement, Binance was ordered to pay $4.3 billion in fines, while Mr Zhao personally agreed to pay $50 million.

The businessman also stepped down as Binance’s CEO but retains an estimated 90 per cent ownership in the company.

Now, President Trump’s pardon of Mr Zhao paves the way for the crypto mogul to return to the business he helped found in 2017.