Trump Ends ‘War on Crypto’ with A Pardon To Binance Founder CZ
- Trump pardons Binance founder Zhao, ending the Biden-era “war on cryptocurrency.”
- Zhao’s release marks a major win for Binance and a shift toward pro-crypto policies.
- Crypto leaders hail the move as a victory for innovation and financial fairness.
U.S. President Donald Trump has pardoned Binance founder Changpeng Zhao, also known as CZ, in a major policy shift toward the cryptocurrency sector. The White House confirmed the pardon on Thursday, declaring an end to the “war on cryptocurrency” that began under the Biden administration. Through a latest tweet, CZ thanked for the pardon.
A White House statement said Trump used his constitutional power to pardon Zhao, who was prosecuted by the previous administration. Officials described the decision as a step toward restoring fairness in financial innovation and digital assets.
Trump’s Pardon Marks Major Win for CZ and Binance
The U.S. Justice Department had accused Binance of failing to report over 100,000 suspicious transactions linked to sanctioned groups such as al-Qaida and Hamas. The Securities and Exchange Commission also filed a case against Binance in 2023 but dropped it soon after Trump’s return to office. He resigned as CEO and served a four-month prison sentence. Binance paid $4.3 billion to settle related charges with U.S. regulators.
The pardon marks a major win for Zhao and Binance, which faced intense scrutiny since 2023. It also reinforces Trump’s renewed commitment to the cryptocurrency industry as part of his broader economic vision.
Following the announcement, Zhao expressed gratitude to Trump in a post on X. He thanked the president for “upholding America’s commitment to fairness, innovation, and justice.” Zhao pledged to contribute to Trump’s goal of making the United States the global center for cryptocurrency growth.
Crypto Community Reacts to Trump’s Pardon of Zhao
Crypto industry figures welcomed the decision. BitMEX co-founder Arthur Hayes jokingly welcomed Zhao to the “club” of pardoned crypto leaders, referring to his own legal troubles. Cardano founder Charles Hoskinson also congratulated Zhao, calling the move a correction of a “grave injustice.”
Hoskinson said the Justice Department’s actions against crypto firms had caused lasting harm. He stated. “The weaponization of the justice department against our industry and its entrepreneurs should have never happened.”
Related: Trump Weighs Pardon for Binance Founder Changpeng Zhao
Reports earlier this year suggested that representatives from Trump’s family crypto company, World Liberty Financial, had met with Binance officials. The Wall Street Journal said the talks involved a potential investment in Binance’s U.S. division.
Zhao denied the report, saying he had not discussed any business deals tied to a pardon. “Fact: I have had no discussions of a Binance US deal with anyone,” he wrote on X in March. He added, “No felon would mind a pardon.”
Despite his denial, Binance maintained business links to Trump’s crypto venture. Earlier this year, the exchange facilitated a $2 billion transaction from an Emirati investment fund. The funds were paid in a digital currency created by World Liberty Financial, which boosted the Trump company’s market profile.
At a conference in Dubai, World Liberty Financial founder Zach Witkoff thanked Binance and MGX for their partnership. He said the transaction marked a milestone for the company’s global expansion.
The pardon has reignited criticism among Democratic lawmakers. Senators including Elizabeth Warren issued a statement warning that easing crypto oversight could benefit firms with prior compliance violations. “As the Administration loosens oversight on an industry where bad actors have violated money laundering and sanctions law,” the senators wrote.
Trump’s decision to pardon Zhao reflects a dramatic shift in Washington’s approach to digital assets. His administration appears focused on promoting cryptocurrency innovation and reducing regulatory barriers. The move is expected to reshape the U.S. crypto landscape for years to come.
