Trump defends pardoning Binance founder Changpeng Zhao, citing strong support and claims of wrongful persecution despite legal issues.
President Donald Trump recently defended his decision to pardon Changpeng Zhao, the former CEO of Binance, after serving four months in prison.
Trump emphasized that the pardon was granted due to significant support from others, stating that many people believed Zhao was wrongfully persecuted. Zhao had previously pled guilty to failing to maintain an effective anti-money laundering program and was fined $50 million, while Binance paid a settlement of $4.3 billion.
Trump Explains the Pardon Decision
President Trump addressed questions about the pardon during a press briefing, where he clarified the reasoning behind his decision. Trump noted that Zhao was highly recommended by many individuals and that a significant number of people believed he had not committed any crimes.
The president also mentioned that he had been told Zhao was “persecuted” by the Biden administration, suggesting that the pardon was part of a broader response to perceived unfair treatment.
Trump has been accusing Biden of issuing pardons that he’s not even aware of.
Here is Katlin Collins pressing him on the pardon he issued to the founder of Binance and Trump doesn’t seem to have a clue.“I do pardon a lot of people. I don’t know. He was recommended by a lot of… pic.twitter.com/hszGYQapK3
— Ron Smith (@Ronxyz00) October 23, 2025
Trump further added that while he did not know Zhao personally, he had been informed that Zhao had substantial support from various people. He pointed out that others had asserted Zhao’s actions were not criminal, reinforcing the justification for granting the pardon.
Zhao’s Legal Issues and Pardon Details
Changpeng Zhao, often referred to as CZ, had served four months in prison after pleading guilty in 2023.
He admitted to failing to maintain proper anti-money laundering controls at Binance, the cryptocurrency exchange he co-founded. Despite this, Zhao maintained that he did not commit any serious crime.
After Zhao’s release in September 2024, he expressed gratitude for the pardon. He stated that he would continue to work toward making the U.S. the “Capital of Crypto.”
Zhao’s legal troubles included a $50 million fine, while Binance reached a settlement agreement to pay $4.3 billion for violations related to money laundering.
Political Context and Reactions
The pardon of Zhao comes amid ongoing political discussions surrounding cryptocurrency regulation and enforcement.
Earlier reports indicated that Trump-linked World Liberty Financial had been involved in talks to acquire a stake in Binance.US. These discussions were denied as politically motivated. However, they raised questions about potential ties between Trump’s political interests and the crypto industry.
Reporter: “On the pardon of Changpeng Zhao… Binance has significant business interests with World Liberty Financial, the president family’s crypto company. How do you respond to the allegations from Democrats that this is a corrupt act?”
Karoline Leavitt: “The President is… pic.twitter.com/u15mgYr4AU
— RedWave Press (@RedWave_Press) October 23, 2025
The political landscape surrounding the cryptocurrency sector has been contentious. This is especially following the high-profile cases of figures like FTX founder Sam Bankman-Fried.
Bankman-Fried’s arrest in 2022 and his subsequent conviction on fraud charges saw him claim that his arrest was political. This further fueled the debate about the intersection of politics and the regulation of the crypto market.
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