TLDR
- President Trump defended his decision to pardon Changpeng Zhao, the founder of Binance, citing widespread public support.
- Trump admitted he did not know Zhao personally but said many people believed Zhao was not guilty of any crime.
- Zhao served four months in prison after pleading guilty to failing to maintain an effective anti-money laundering program.
- Trump emphasized that Zhao had significant backing from others, which influenced his decision to grant the pardon.
- Binance paid a $4.3 billion settlement while Zhao was fined $50 million as part of the resolution to his case.
President Donald Trump recently defended his decision to pardon Changpeng Zhao, the founder of Binance. Trump claimed that Zhao was “persecuted” by the Biden administration. Although Trump admitted not knowing Zhao personally, he emphasized the widespread support for the former Binance CEO. “I don’t know him, I don’t believe I’ve ever met him,” Trump stated. He also mentioned that many people argued Zhao was not guilty of any crime.
Trump’s Justification for the Pardon
Trump explained that he grants pardons based on recommendations from others. He pointed out that many people had urged him to pardon Zhao, adding, “A lot of people say he wasn’t guilty of anything.” Zhao was convicted in 2023 for failing to maintain an effective anti-money laundering program. He was sentenced to four months in prison, but was released in September 2024. Zhao also faced a $50 million fine, while Binance paid $4.3 billion in a settlement.
Trump further noted the political context surrounding the pardon. Some reports suggested Zhao sought a pardon through backchannel discussions involving Trump-backed World Liberty Financial. Trump did not elaborate on these claims, but he was clear about the public support for Zhao.
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
Binance Token Rises After Trump Pardons Changpeng Zhao
Binance, Zhao’s crypto exchange, has faced significant scrutiny from regulators, especially in the United States. The U.S. government has accused Binance of facilitating illicit transactions and evading regulatory requirements. Despite this, Trump’s actions suggest that he believes Zhao’s case was more about political motives. “He had a lot of support,” Trump emphasized during a recent press conference. This statement reflects the growing influence of cryptocurrency in U.S. politics.
Binance’s token, BNB, experienced a 5% increase following the announcement of the pardon. In contrast, World Liberty’s WLFI token gained more than 15%. These movements underscore the substantial impact of Trump’s decision on the cryptocurrency market. As the situation continues to unfold, it remains to be seen how the pardon will affect Binance’s future operations.
