Trump pardons convicted Binance founder 'CZ' Zhao

US President Donald Trump has pardoned Changpeng Zhao, the convicted founder of the Binance cryptocurrency exchange, the White House said on Thursday, in the latest move by Trump to boost the crypto industry and expunge its past misdeeds.

Zhao, a billionaire known as "CZ" who is one of the most influential figures in crypto, quit in 2023 as Binance chief after the company pleaded guilty to failing to maintain an effective anti-money laundering program and paid a penalty of US$4.3 billion.

Zhao was prosecuted by the Biden administration "in their war on cryptocurrency," White House press secretary Karoline Leavitt said in a statement.

In a post on social media platform X, Zhao said he was "deeply grateful for today's pardon and to President Trump for upholding America's commitment to fairness, innovation, and justice." He added: "Will do everything we can to help make America the Capital of Crypto."

Full and unconditional pardon

US authorities said in 2023 that Binance had failed to report suspicious transactions with organizations including Hamas and al Qaeda and with websites dedicated to selling child sexual abuse materials.

Zhao, a citizen of Canada who was born in China, personally paid a US$50 million fine and served nearly four months in prison last year after pleading guilty to the same charge as his company.

However, he kept his Binance stake, while one of his appointees was made chief executive.

"I made mistakes, and I must take responsibility," Zhao said when he stepped down.

A spokesperson for Binance, the world's largest crypto exchange by trading volumes, thanked Trump for his leadership.