US President Donald Trump has pardoned Binance founder Changpeng Zhao, who was convicted of money laundering through his crypto app.
Zhao was accused of failing to curb money laundering and illegal money transfers connected to terrorism, child sex abuse and drug trafficking. He pleaded guilty to one count of failing to implement anti-money laudering mechanism in Binance.
Why did Trump pardon Changpeng Zhao?
Trump said Changpeng Zhao was persecuted by the previous Joe Biden administration while pardoning the Binance founder. White House press secretary Karoline Leavitt stated that he was victim of Biden administration's "desire to punish the cryptocurrency industry".
However, reports suggest that the US president has other reasons for the clemency. Zhao reportedly has stake in World Liberty Financial, a crypto firm launched by his sons Donald Trump Jr and Eric Trump in September, according to the Associated Press.
Trump reportedly made over $57 million in 2024 from the venture. World Liberty Financial has launched a stablecoin called USD1 that is pegged at a 1:1 ratio to the US dollar.
What is Changpeng Zhao's net worth?
Popularly known as CZ, Changpeng Zhao is a Chinese-origin Canadian. He quit from the post of Binance CEO in November 2023 after pleading guilty to the money laundering charge. As of October 2025, Zhao had an estimated net worth of $88 billion. He is the richest Canadian and 21st wealthiest person in the world, according to Forbes.
Interestingly, the Pakistan Finance Ministry appointed him strategic advisor to the Pakistan Crypto Council in April 2024. In May 2025, he was appointed an advisor to Kyrgyzstan President Sadyr Japarov to develop digital assets.
