Trump pardons Binance CEO convicted of money laundering crimes

In October 2025, Trump pardoned Changpeng Zhao, the billionaire founder of Binance, the world's largest cryptocurrency exchange. Zhao had pleaded guilty in 2023 to failing to maintain an effective anti-money laundering program and served four months in federal prison.

As part of his guilty plea, Zhao publicly acknowledged that Binance identified users who appeared to be involved in illicit activity but allowed them to continue using the exchange because they were VIPs. The Justice Department said Binance's willful failures allowed money to flow to terrorist organizations, cybercriminals, and child abusers through its platform.

Binance Holdings Limited pleaded guilty to violating the Bank Secrecy Act, failing to register as a money transmitting business, and violating the International Emergency Economic Powers Act. The company agreed to pay $4.3 billion to U.S. authorities as part of a settlement. Zhao personally paid a $50 million fine and was permanently banned from serving as an executive or board member of Binance.

The Wall Street Journal reported that Binance hired lobbyist Ches McDowell and paid him $800,000 to pursue Zhao's pardon, with a success fee of more than $5 million contingent on Zhao being freed. One week before the pardon, Donald Trump Jr. introduced McDowell to Trump while on stage at a Charlie Kirk event.

Binance wrote the basic code for USD1, a digital currency or 'stablecoin' issued by World Liberty Financial, the Trump family's cryptocurrency company. In 2025, Binance parked $2 billion in World Liberty Financial's stablecoin, generating approximately $80-87 million in annual revenue. The Trump family owns 60% of World Liberty Financial, meaning Binance's deposit generates an estimated $48-52 million in annual passive income for the family.

Trump told 60 Minutes in an interview that he didn't 'know him personally' when asked about Zhao. However, critics pointed out the extensive financial ties between Binance and the Trump family's crypto ventures, as well as the lobbying campaign that preceded the pardon.

The pardon came at a time when Trump had made over $800 million from cryptocurrency ventures since the start of 2025, according to estimates. Critics said the pardon demonstrated how wealthy individuals with financial connections to Trump could purchase clemency for serious federal crimes.