Overview

• Fox Business reporter Charles Gasparino cites White House sources saying President Trump is leaning toward pardoning Changpeng "CZ" Zhao, though no clemency has been issued.
• CZ pleaded guilty in 2023 to a Bank Secrecy Act violation, paid a $50 million fine, and served four months in federal custody, while Binance paid $4.3 billion under a DOJ settlement.
• Zhao’s legal team filed a clemency request in May 2025, and reporting this week indicates internal discussions have intensified around a decision.
• Senior aides are split, with some arguing the prosecution was politically driven and others warning of poor optics and potential regulatory backlash.
• A pardon would clear the federal conviction and restore many business rights, but it would not override regulatory settlements that keep CZ out of Binance’s management, even as he remains its largest shareholder.