Trump pardons convicted Binance founder Changpeng Zhao

President Donald Trump signed a pardon on Wednesday for convicted crypto executive Changpeng Zhao, who founded the Binance crypto exchange.

President Donald Trump signed a pardon Wednesday for convicted crypto executive Changpeng Zhao, who founded the Binance crypto exchange, White House press secretary Karoline Leavitt said in a statement.

"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," Leavitt said. "In their desire to punish the cryptocurrency industry, the Biden Administration pursued Mr. Zhao despite no allegations of fraud or identifiable victims."

Zhao was sentenced to four months in prison after he reached a deal with the Justice Department to plead guilty to enabling money laundering at Binance, which he ran at the time. Thanks to the pardon, Zhao could retake direct control of Binance.

"Deeply grateful for today’s pardon and to President Trump for upholding America’s commitment to fairness, innovation, and justice," Zhao wrote on X. "Will do everything we can to help make America the Capital of Crypto and advance web3 worldwide."

The United States also ordered Binance to pay more than $4 billion in fines and forfeiture, while Zhao agreed to pay $50 million in fines.