The move follows what Donald Trump called “political persecution” by the Biden administration. He framed the case as part of a broader battle over innovation, regulation, and fairness in digital finance.
A Controversial Pardon
Speaking at a press briefing, Trump said he “doesn’t know Changpeng Zhao and has never met him,” but decided to act after receiving “recommendations and support from many good people.” He emphasized that the case against CZ, who pleaded guilty to compliance violations in 2023, was “not a crime, but persecution.” The White House confirmed the pardon on Thursday, with Press Secretary Karoline Leavitt declining to comment on whether it had any ties to Trump’s family’s crypto ventures.
CZ’s case became one of the most high-profile regulatory actions in crypto history. Binance, the world’s largest cryptocurrency exchange by trading volume, paid a $4.3 billion settlement last year after U.S. regulators accused it of allowing users to bypass compliance rules. Zhao served a short sentence and stepped down as CEO, marking what many saw as the beginning of a new chapter for crypto oversight in the United States.
Trump’s pardon has divided public opinion. Supporters view it as a stand against overregulation and politically driven enforcement. Critics argue it undermines accountability in a fast-moving financial industry where transparency is still a growing concern.
A Shift in Crypto Politics
The pardon also reflects a broader shift in American politics. Trump has become increasingly vocal about supporting digital assets, framing crypto as a tool for freedom and innovation. An example of this is that some major blockchain firms, including Coinbase, Ripple, Gemini, and Tether, are joining forces with Apple and Amazon to back former President Donald Trump’s new White House ballroom project.
Crypto Giants Fund Trump’s $300M White House Project
Coinbase, Ripple, Gemini & Tether are backing Trump’s new White House ballroom alongside Apple & Amazon.
Why It Matters:
Crypto now has real political influence. These connections could shape regulations and institutional… pic.twitter.com/nOg5hY2BG6— Crypto Patel (@CryptoPatel) October 24, 2025
The initiative, described as a symbol of “innovation and American excellence,” aims to host global technology and finance events once completed. Industry observers see this as a signal that leading crypto companies are seeking closer ties to traditional corporate giants and the U.S. political establishment, potentially shaping future conversations on blockchain adoption and digital asset regulation.