President Trump will soon pardon former Binance CEO Cha Changpeng

FOX Business Senior Correspondent Charles Gasparino reports that people close to former Binance CEO Qiao Changpeng, better known as “CZ,” say there is an intensifying debate within President Trump over whether to grant a presidential pardon to the embattled crypto executive.

Zhao, once one of the most powerful figures in the digital asset world, will serve time in prison in 2023 following a plea deal with the US Department of Justice that included a money laundering conviction against Binance and a $4.3 billion fine.

However, many in President Trump’s inner circle now view the incident as politically motivated, according to multiple sources familiar with the matter, a hallmark of what they describe as a broader crackdown on cryptocurrencies by the Biden administration.

Zhao remains Binance’s largest individual shareholder, and a pardon could pave the way for a formal return to the exchange he founded in 2017 and has grown into the world’s largest bitcoin and cryptocurrency trading platform.

Speculation about Trump’s pardon has been rife for much of this year, but a decision is reportedly expected soon.

CZ background

Mr. Zhao’s 2023 conviction was one of the highest-profile cases in the government’s campaign against major exchanges.

U.S. prosecutors accused Binance of allowing illegal transactions with sanctioned companies and failing to implement adequate anti-money laundering measures. Mr. CZ pleaded guilty, resigned as CEO, and paid a $50 million personal fine.

Mr. Zhao was sentenced to four months in prison. He was sentenced in April 2024 and released in September 2024 after spending time in a low-security federal prison in California.

Nevertheless, even Binance’s critics question whether the criminal charges are meritorious. Trump’s team reportedly sees the Zhao situation as an opportunity to demonstrate a “new era” of crypto policy that emphasizes innovation over punishment.

Gasparino said a decision could be made by the end of the year, but pardon talks often take longer than expected, with President Trump’s attention divided between foreign policy flashpoints such as Ukraine’s conflict in Gaza and renewed trade tensions with China.

For now, the world of cryptocurrencies is watching closely. Mr. Trump’s pardon for CZ would not only be a personal vindication of Mr. Zhao, but also a kind of political statement. Trump is showing that the world’s most powerful government is indeed open to Bitcoin business.