Trump Defends CZ Pardon, Calls Binance Founder Persecuted by Biden Administration
U.S. President Donald Trump defended his decision to pardon Changpeng “CZ” Zhao, the former Binance CEO, describing him as a victim of political persecution under the Biden administration.
Speaking to reporters on Thursday, Trump said Zhao’s case had been “highly recommended” for review and insisted that “a lot of people” believed the crypto entrepreneur had done nothing wrong.
“I do pardon a lot of people,” Trump remarked. “He was recommended by many. Are you talking about the crypto person? A lot of people say he wasn’t guilty of anything.”
Zhao, who served four months in prison and was released in September 2024, pled guilty the year prior to failing to maintain an effective anti-money laundering program at Binance. His plea deal included a $50 million fine, while the exchange itself agreed to pay $4.3 billion to settle charges with U.S. regulators.
During the exchange, Trump distanced himself from any personal connection to Zhao, saying, “I don’t know him, I don’t believe I’ve ever met him. But I’ve been told he had strong support and that what he did isn’t even a crime. So I granted him a pardon, at the request of a lot of very good people.”
Earlier reports by The Wall Street Journal suggested Trump’s own venture, World Liberty Financial (WLFI), had once explored a possible stake in Binance.US during Zhao’s legal troubles—a claim the company dismissed as politically motivated. Just weeks later, Abu Dhabi–based MGX announced a $2 billion partnership with Binance using WLFI’s USD1 stablecoin.
Market reaction to Trump’s comments was immediate: Binance’s BNB token climbed over 5%, while WLFI surged more than 15% in 24 hours.
This latest pardon follows Trump’s earlier decision to release Ross Ulbricht, the Silk Road founder serving multiple life sentences, under an executive order signed in January.
The move reignites debate over political influence in crypto prosecutions. Last week, FTX founder Sam Bankman-Fried echoed similar claims, alleging his 2022 arrest was orchestrated by the Biden administration after he redirected his political donations toward Republicans. He is currently serving a 25-year prison sentence for fraud following FTX’s collapse.
Trump’s remarks appear to cement his administration’s stance: a friendlier tone toward crypto figures once vilified by prior regulators.