President Donald Trump on Wednesday pardoned Changpeng Zhao, the convicted founder of crypto exchange Binance, after months of efforts by Zhao to shore up the Trump family’s crypto company, according to people familiar with the matter cited by The Wall Street Journal.
Trump recently told his advisers that he favored the political persecution arguments linked to Zhao, with many insiders saying “the fraud case against Changpeng Zhao, known in the digital space simply as CZ, was rather weak and certainly did not deserve a felony charge and prison time.»
Polymarket’s odds of CZ receiving a pardon stood at 100%, while prediction markets show his odds of returning to Binance by December 31 increased from 7% to 55% within minutes of the announcement.
Zhao pleaded guilty in November 2023 to failing to maintain an effective anti-money laundering program at Binance.
Former Treasury Secretary Janet Yellen said: “Binance has turned a blind eye to its legal obligations in the pursuit of profit. Its deliberate failures allowed money to flow to terrorists, cybercriminals and pedophiles through its platform.»
Prosecutors alleged the exchange aided terrorists and facilitated human and drug trafficking. Binance paid $4.3 billion while Zhao paid a $50 million fine and served four months in prison, released on September 27, 2024.
Notably, CZ previously denied a March 13 WSJ report alleging that he requested a pardon in exchange for a business deal with Binance in the United States.
He said: “More than 20 people told me that the WSJ asked them: “Can you confirm that CZ reached a deal for a pardon?”‘” and suggested that the article was “motivated as an attack on the president and crypto.»
Despite the denial, Binance, Emirati company MGX and Trump-linked World Liberty Financial have come under scrutiny following a $2 billion deal in May involving USD 1, WLF’s stablecoin.
Warren and Democratic senators disagree with pardon
Senator Elizabeth Warren wrote to White House Counsel David Warrington in May, stating: “The convergence of Mr. Zhao’s pardon request and Binance’s financial troubles with the president’s family raises urgent concerns about the integrity of our justice system.»
Democratic Senator Richard Blumenthal warned in August that a pardon “allows criminals to get away with personal gain for the president, his family, and friends, and frees a convicted felon into a virtually unregulated crypto market.“
The pardon comes amid criticism of Binance’s handling of the October 10 stock market crash, in which technical glitches contributed to $19 billion in liquidations.
The exchange did, however, set aside $700 million for affected users, although outrage persisted with comments such as “without Binance & CZ, crypto would be much better” And “I closed my Binance account. It’s just a fraudulent platform.“
However, despite their opposition, it appears to be a done deal.
CZ went to X to announce himself and show his appreciation to the president, and promised to “Let’s do everything we can to help make America the crypto capital and advance Web3 around the world.»
Deeply grateful for today’s pardon and to President Trump for delivering on America’s commitment to fairness, innovation and justice.
We will do everything we can to help make America the crypto capital and advance Web3 around the world.
(Still in flight, more articles to come.)…
—CZ
BNB (@cz_binance) October 23, 2025
BNB (@cz_binance) Speculation on the SBF’s pardon is increasing
Polymarket data shows that Sam Bankman-Fried has a 9% chance of receiving a pardon from Trump in 2025, with Bloomberg reporting that his parents are seeking clemency.
SBF is serving a 25-year sentence for using billions of FTX client funds to make risky bets through Alameda Research without their knowledge.
One FTX victim wrote: “My whole life was destroyed. I have two young children, one of whom was born just before the collapse. Beyond money, I lost my happiness, my ability to get out of bed, my desire to continue living.“
Earlier this month, SBF said in jailhouse interviews that handing over FTX to CEO John Ray III was “biggest mistake I’ve made by far“, saying he had never defrauded anyone despite the fact that a jury found him guilty of seven counts of fraud and money laundering.
His parents are appealing the conviction, arguing that Sullivan and Cromwell fought against FTX and profited handsomely while facilitating its prosecution. The law firm charged nearly $250 million in bankruptcy costs.
Other potential candidates for forgiveness on Polymarket include Roger Ver with a 17% rating, while CZ remains Binance’s largest shareholder with a 90% stake and an estimated net worth of $75 billion.
The pardon clears Zhao’s criminal record and potentially opens the door for his official return to the global crypto scene.
However, for SBF this is very unlikely, as an open vote a few hours ago by crypto podcaster Wendy O shows that more than 70% of participants think he will not get a pardon next time.
BNB Rises 5% as Market Eyes $1,400-$1,500 Targets
BNB surged 5% to $1,129.05 following the pardon announcement, with traders targeting $1,400 and beyond.
Community sentiment onTrump just pardoned CZ. Now we resume $BNB rising only szn.”
The token’s immediate break above the $1,150 resistance would confirm the bullish momentum towards the psychological $1,400 level, with a potential extension to $1,500 if CZ’s official return to Binance materializes.
However, failure to hold support above $1,100 could trigger profit-taking and a retest of the $1,050 area before a sustainable rally materializes.
BREAKING Article: Donald Trump Pardons CZ – Is BNB Price About to Skyrocket? appeared first on Cryptonews.
