Zhao Changpeng Granted Clemency by Trump; Both Parties Issue Statements

On October 23 local time, the White House announced that U.S. President Donald Trump has granted clemency to Binance founder Zhao Changpeng, who had previously pleaded guilty to facilitating money laundering during his tenure as head of the cryptocurrency exchange. "President Trump has exercised his constitutional authority to grant clemency to Zhao Changpeng, who was prosecuted during the Biden administration's war on cryptocurrency," stated White House spokesperson Levitt.

That same day, Trump commented to the media on the matter, stating that Zhao Changpeng had been "persecuted" by the Biden administration. He added that he had "never met Zhao Changpeng," but "many people say he did nothing wrong, and at the request of numerous influential individuals, I granted him clemency." Following the news, the price of Binance's associated token, BNB, rose accordingly.

Zhao Changpeng later posted a statement expressing his "deep gratitude" for receiving clemency, stating that Trump "upheld America's commitment to fairness, innovation, and justice." He also stated that he would do everything possible to help the United States become the "global cryptocurrency capital" and promote the development of Web3 worldwide.

Zhao Changpeng served a four-month prison sentence in 2024 after admitting to failing to implement an effective anti-money laundering program at Binance. This plea agreement was part of a broader settlement with the U.S. government, which included Binance paying a $4.3 billion fine. Under the 2023 plea agreement, Zhao agreed to step down as CEO of Binance but retained controlling equity in the company. Binance's valuation has surged since Trump won the presidential election.