As reported by
Zhao, once among the most influential figures in the world of digital assets, served time following a plea deal with the U.S. Department of Justice in 2023 that included a money laundering conviction and a $4.3 billion fine for Binance.
But according to multiple sources familiar with the matter, many within Trump’s inner circle now see the case as politically motivated — a hallmark of what they describe as the Biden administration’s broader crackdown on cryptocurrencies.
Zhao remains Binance’s largest individual shareholder and the pardon could pave the way for his formal return to the exchange, which he founded in 2017 and has grown to become the world’s largest Bitcoin and cryptocurrency trading platform.
Speculation about a Trump pardon has loomed for much of this year, but a decision is reportedly coming soon.
Czech Republic background
Zhao’s conviction in 2023 marked one of the highest-profile cases in the government’s campaign against major exchanges.
US prosecutors accused Binance of allowing illicit transactions with sanctioned entities and failing to implement adequate anti-money laundering controls. CZ pleaded guilty, resigned as CEO and paid a personal fine of $50 million.
Zhao served a four-month prison sentence. He was sentenced in April 2024 and released in September 2024, after spending time in a low-security federal prison in California and then in a halfway house.
Despite this, even Binance critics questioned whether the criminal charges were proportionate. Trump’s team reportedly sees Zhao’s situation as an opportunity to demonstrate a “new era” in crypto policy, which favors innovation over punishment.
A decision could come before the end of the year, but Trump’s attention is divided between foreign policy hot spots — including conflicts in Gaza, Ukraine and renewed trade tensions with China — and the fact that clemency discussions often take longer than expected, according to Gasparino.
For now, the cryptocurrency world is watching closely. A Trump pardon for CZ would mark not only a personal vindication for Zhao, but would also be a kind of political statement: Trump would signal that the most powerful government in the world is truly open to Bitcoin business.