Bitcoin, BNB, jump as President Trump pardons Binance founder Changpeng Zhao
- President Trump has signed a pardon for the convicted Binance founder and former CEO, Changpeng Zhao.
- Zhao served a four-month jail term in 2024 after pleading guilty to breaching the Bank Secrecy Act due to AML failures at Binance.
- Bitcoin and BNB gained 3% and 5%, respectively, over the past 24 hours.
Bitcoin (BTC) and BNB spearheaded a crypto market recovery on Thursday after President Trump pardoned Binance's CZ.
Trump pardons CZ, Bitcoin and BNB react
US President Donald Trump has signed an official pardon for convicted crypto exchange Binance founder and former CEO Changpeng Zhao (CZ), the White House announced on Thursday.
"President Trump exercised his constitutional authority by issuing a pardon for Mr. Zhao, who was prosecuted by the Biden Administration in their war on cryptocurrency," said White House Press Secretary Karoline Leavitt.
CZ confirmed the pardon in an X post on Thursday: "Deeply grateful for today's pardon and to President Trump for upholding America's commitment to fairness, innovation, and justice," he wrote.
Following the pardon details, Bitcoin recorded gains of over 3% in the past 24 hours, climbing above $110,500 at the time of publication.
BNB, the native token of the Binance exchange, followed suit, reclaiming the $1,100 level after jumping 5% over the past 24 hours.
Several media outlets reported in March that CZ was rumored to be seeking a presidential pardon while engaging in crypto-related deals with associates of the Trump family. He initially denied the claims but, in May, confirmed that the reports prompted him to formally apply for a pardon.
CZ served a four-month jail term in 2024 after pleading guilty to breaching the Bank Secrecy Act for failing to implement proper anti-money laundering (AML) measures for Binance. Zhao stepped down as CEO while the Justice Department slapped Binance with a $4.3 billion fine.
In May, the US Securities and Exchange Commission (SEC) dismissed its lawsuit against CZ, Binance, Binance.US and associated entities.
CZ isn't the first crypto industry figure to receive a pardon since President Trump began his second term. In January, Trump pardoned Silk Road founder Ross Ulbricht after over a decade in prison.
The move adds to efforts by the Trump administration, which has been engineering several pro-crypto policies while reversing those that restricted the industry.
Author
Michael Ebiekutan
FXStreet
With a deep passion for web3 technology, he's collaborated with industry-leading brands like Mara, ITAK, and FXStreet in delivering groundbreaking reports on web3's transformative potential across diverse sectors. In addi
