In a surprising turn of events, President Donald Trump has officially pardoned Changpeng Zhao (CZ), the co-founder of the Binance Exchange. This development was confirmed by White House Press Secretary Karoline Leavitt, who stated that the President’s action was aimed at countering what has been described as a “war on crypto” initiated by the current administration.
“President Trump exercised his constitutional authority by issuing a pardon for Mr. Zhao, who was persecuted by the Biden administration in their war on cryptocurrency,” Leavitt remarked.
President Trump Pardons CZ Following His Support
Recent reports from sources including WSJ indicate that the pardon was publicly granted in light of Zhao’s financial support towards Trump’s family crypto ventures. Notably, Binance has played a role in promoting the Trump family’s crypto projects, which include products like the World Liberty Financial (WLFI), Official Trump (TRUMP), Melania Meme (MELANIA), and the World Liberty Financial USD (USD1).
Implications of the Pardon for CZ
In a controversial settlement in 2023, Binance and CZ reached a resolution with the U.S. government, agreeing to pay $4.3 billion due to allegations concerning insufficient Anti-Money Laundering (AML) practices. Subsequently, CZ served a four-month sentence in 2024. The recent pardon eradicates his conviction, thereby restoring his rights under U.S. law. As a result, CZ is now free to travel to the United States and engage in business activities once again.
Market Impact Analysis
After the announcement of the pardon, Binance’s native cryptocurrency, BNB, witnessed a significant surge of approximately 6%, climbing to a peak above $1,150. With a fully diluted valuation hovering near $157 billion, BNB traded around $1,128 at the time of this writing. Over the long term, this pardon is poised to enhance investor confidence in BNB, as well as in Binance and its ecosystem of products.
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