Overview
- Press Secretary Karoline Leavitt confirmed the full pardon Thursday, saying President Trump exercised his constitutional authority and declaring the prior administration’s “war on crypto” over.
- Zhao pleaded guilty in 2023 to Bank Secrecy Act violations, served four months in 2024, and stepped down as CEO as Binance agreed to about $4.3 billion in penalties after prosecutors detailed extensive sanctions‑violating trades.
- The pardon clears the criminal conviction but does not automatically restore Zhao’s corporate role or unwind Treasury oversight, though analysts say it could ease efforts to resume U.S. operations.
- Reporting has highlighted financial ties between Binance and the Trump family’s World Liberty Financial venture, including a $2 billion investment denominated in the USD1 stablecoin, prompting conflict‑of‑interest accusations from Democrats including Elizabeth Warren and Maxine Waters.
- BNB rose after the announcement as Zhao and Binance thanked Trump and pledged to help make the United States a leading hub for digital assets.