WSJ: Trump pardons Binance founder, potentially clearing way for firm's US return

US President Donald Trump has granted a pardon to Changpeng Zhao, the convicted founder of the crypto exchange Binance, sources familiar with the matter told The Wall Street Journal.

The pardon, signed on October 22, follows months of efforts by Zhao to aid the Trump family’s own cryptocurrency venture.

According to one source, Trump recently expressed sympathy toward arguments that Zhao and others faced political persecution. White House press secretary Karoline Leavitt stated, “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.” She added, “The Biden Administration’s war on crypto is over.”

The pardon is expected to clear the path for Binance—the world’s largest cryptocurrency exchange—to potentially re-enter the US market. In 2023, Binance pleaded guilty to violating US anti-money laundering regulations and was barred from operating within the country.

Binance had been actively pursuing a pardon for Zhao for nearly a year. Zhao was released from prison in September 2024 after serving a four-month sentence related to these charges. Earlier this year, the company enlisted lobbyist Ches McDowell to assist in the pardon effort, according to previous reports from the Journal.

The Justice Department had imposed a record $4.3 billion fine on Binance and established stringent oversight, describing the exchange as a major money-laundering hub used by sanctioned entities and criminal groups to move billions in illicit funds.

The pardon may also bring an early end to the Justice Department’s three-year monitorship of Binance, designed to ensure compliance with US financial crime laws. However, it likely will not conclude a separate monitorship overseen by the Treasury Department without further approval from Trump or the Treasury secretary.

By Sabina Mammadli