Overview
- The White House confirmed Thursday that President Trump granted a pardon to Zhao, calling his prosecution part of a Biden-era 'war on cryptocurrency.'
- Zhao pleaded guilty in 2023 to Bank Secrecy Act violations tied to anti-money-laundering failures, served four months in prison, paid a $50 million fine, and stepped down as Binance CEO as the company paid about $4.3 billion.
- Reporting indicates the pardon could ease legal barriers to U.S. reengagement for Zhao or Binance, though it does not automatically restore his authority or lift all settlement conditions.
- The Wall Street Journal has reported the Justice Department’s Binance monitorship could be affected, while a separate Treasury oversight arrangement would continue unless further action is taken.
- Critics cite financial ties between Binance and the Trump family’s World Liberty Financial—including a $2 billion USD1 stablecoin investment used to buy a Binance stake—as grounds for conflict-of-interest concerns, as tokens linked to Binance and Trump ventures rose on the news.