Explainer

How Zhao’s Binance Aided Trump Family Crypto Venture Before Pardon

Changpeng Zhao, former chief executive officer of Binance, arrives at federal court in Seattle, Washington, US, on Tuesday, April 30, 2024.Photographer: David Ryder/Bloomberg

Provide news feedback or report an error

Confidential tip?

Send a tip to our reporters

Site feedback:

Take our Survey

By Annie Massa

November 3, 2025 at 8:35 PM UTC

In late October, President Donald Trump pardoned crypto billionaire Changpeng Zhao, one of the industry’s most powerful men, after he mounted a months-long bid for clemency.

Zhao pleaded guilty in 2023 to violating US law by failing to run an appropriate anti-money laundering program during his tenure as chief executive officer of Binance Holdings Ltd., the industry-leading crypto exchange he founded. He was sentenced to four months in prison and stepped down as head of the exchange. Binance later built up ties to World Liberty Financial, a crypto platform co-founded by members of the Trump family and a pillar of the family’s more than $7 billion fortune.