White House weighs pardon for CZ amid pro-crypto policy shift
The Trump administration is reportedly considering a presidential pardon for Binance co-founder Changpeng “CZ” Zhao, who pleaded guilty to a Bank Secrecy Act violation in 2024 and served four months in prison.
According to Charles Gasparino of the New York Post and Fox News, insiders close to Zhao said Trump’s advisors believe the case was “weak” and that it “did not merit a felony charge or jail time,” reports Cointelegraph.
Gasparino stated that “Trump is leaning toward a pardon,” which could pave the way for CZ’s potential return to Binance, where he remains the largest shareholder. Under President Trump, the White House has adopted a pro-crypto stance, scaling back enforcement actions and backing industry-friendly legislation. The administration has also pardoned BitMEX founders Arthur Hayes, Ben Delo, and Samuel Reed, as well as Silk Road’s Ross Ulbricht.
CZ responds but says he has no confirmation
Zhao commented on Gasparino’s post Friday, thanking him for the “great news if true,” but clarified he had not received any confirmation from officials. He reiterated that his plea involved no fraud charges, only a single Bank Secrecy Act violation, adding, “I believe I am the only person in U.S. history to be sentenced to jail for a single BSA violation, with no other charges or prior record.”
Zhao previously stated in May that he had formally applied for a presidential pardon after seeing speculative media reports. Neither Binance, Zhao, nor the White House responded to further requests for comment. Zhao’s conviction was part of a broader $4.3 billion settlement between Binance and U.S. authorities in 2023, which also included a $50 million personal fine and his resignation as CEO.
Pardon faces political and ethical scrutiny
While Gasparino said a final decision could come soon, he noted that “some in the White House” are uneasy about the optics of granting a pardon given Trump’s own crypto business ties, including his memecoin and World Liberty Financial DeFi venture. Critics argue that pardoning a major crypto executive could be seen as a conflict of interest. Still, others see the move as correcting what they view as regulatory overreach following the collapse of Sam Bankman-Fried’s FTX, which triggered aggressive enforcement across the industry.
Former FOX Business reporter Eleanor Terrett said that many crypto leaders — some with ties to the administration — believe CZ’s prosecution was an “overreaction” to FTX’s fallout. Unlike Bankman-Fried, who is serving 25 years for fraud, Zhao was never accused of deceit or investor theft. Whether Trump’s administration follows through on the pardon remains uncertain, but the decision could mark a defining moment in the White House’s ongoing rapprochement with the crypto sector.
Recently we wrote that YZi Labs, the venture capital firm founded by Binance co-founder Changpeng “CZ” Zhao, has announced a $1 billion Builder Fund aimed at accelerating development across the BNB ecosystem, including the BNB Chain.
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