**Donald Trump Pardons Binance Founder Changpeng ‘CZ’ Zhao Following 2023 Guilty Plea**
US President Donald Trump granted a pardon to Binance founder Changpeng ‘CZ’ Zhao on Thursday, October 23, 2025. The pardon comes after Zhao pleaded guilty in 2023 to money laundering violations related to Binance’s operations.
Trump signed the pardon order on Wednesday, with Binance confirming the presidential action to reporters the following day. At a Thursday news conference, Trump explained his decision, stating that numerous supporters had advocated for Zhao’s innocence. “I don’t know him, I don’t believe I’ve ever met him, but I’ve been told he had a lot of support, and they said that what he did is not even a crime, it wasn’t a crime, he was persecuted by the Biden Administration,” Trump said. He emphasized that many people had lobbied on Zhao’s behalf.
### White House Statement Condemns Prosecution as Targeting Cryptocurrency Industry
White House press secretary Karoline Leavitt issued a statement regarding the pardon, explaining that Trump exercised his constitutional authority in the matter. She criticized the Biden Administration’s prosecution of Zhao, suggesting it was motivated by a desire to punish the cryptocurrency industry. “In their desire to punish the cryptocurrency industry, the Biden Administration pursued Mr. Zhao despite no allegations of fraud or identifiable victims,” Leavitt said.
### Polymarket Betting Activity Surges After Pardon Announcement
Following news of the pardon, betting activity on Polymarket spiked sharply. Users began placing bets on Zhao’s potential return to Binance by the end of the year. On Friday morning, betting odds for Zhao’s return jumped to 82%, a 68% increase from earlier that day when odds were at 14%. However, the odds later stabilized around 36% by Friday evening.
### Zhao Responds to Pardon and Announces Upcoming Book
Zhao took to X (formerly Twitter) on Thursday morning to express gratitude for the pardon and to thank supporters. “Deeply grateful for today’s pardon and to President Trump for upholding America’s commitment to fairness, innovation, and justice,” he wrote. Zhao also reiterated his commitment to advancing the US as a global hub for cryptocurrency innovation.
Additionally, Zhao announced plans to release a book soon, though he did not disclose further details regarding its content or release date.
### Background: The 2023 Case and Plea Deal
In 2023, Zhao pleaded guilty to one count of violating the US Bank Secrecy Act for failing to maintain an effective anti-money laundering (AML) program at Binance. He was sentenced to four months in prison, making him the first known first-time offender in US history to receive jail time for this particular charge.
As part of the plea deal, Binance agreed to pay over $4 billion in forfeiture, while Zhao personally paid $50 million in fines. The agreement also required Zhao to step down as CEO of Binance and barred him from working at the exchange in the future.
### Legal Defense and Implications of the Pardon
Crypto attorney Teresa Goody Guillén, representing Zhao, defended the pardon on Thursday. She highlighted that Zhao faced only a single charge related to compliance program failures, stating, “NO fraud, NO victims, NO criminal history. NO money laundering.” Guillén emphasized that the judge found no evidence Zhao knowingly processed illicit transactions.
The presidential pardon could potentially negate the restrictions from Zhao’s 2023 plea deal, possibly allowing him to return to Binance in an executive capacity.
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*This development marks a significant moment in the intersection of cryptocurrency regulation and political intervention, with ongoing debates about the future governance of digital asset platforms.*
https://coincentral.com/cz-walks-free-trump-pardon-sparks-polymarket-betting-frenzy-on-binance-return/
