Is a presidential pardon in the works for Binance founder CZ?

Is the Trump Administration Seriously Considering a Pardon for Binance’s Changpeng “CZ” Zhao?

Crypto Twitter is in complete disarray Fox Business reporter Charles Gasparino tweeted a “scoop” claiming that White House insiders say discussions are heating up and that Trump is “leaning toward a pardon.” Gasparino is an experienced financial and political journalist, often a fixture in Wall Street and White House circles.

Gasparino’s tweet comes in a complex context: in May, CZ confirmed that its legal team had formally requested leniency. In previous reports, the Trump family is said to have investigated investment deals involving Binance’s US arm, linking business incentives to political favors. Zhao denied that speculation.

CZ and Binance have previously denied that any pardons have been granted. Media reports of a pardon being granted were retracted and Binance’s co-founder Yi He dismissed the rumours. DOJ records show no official clemency in his name.

Yet the road from rumor to grace is not closed. If leniency is granted, it could ease legal restrictions on Zhao’s future involvement in crypto, rewire the power dynamics at Binance, and reintroduce political entanglements into US crypto regulation.

And Zhao did not deny Gasparino’s report; in fact, he welcomed the outcome.

‘Thanks, Charles. Great news if true,” Zhao wrote, correcting a detail from Gasparino’s post before thanking the journalist “for the reporting.”

CZ resigned as CEO of Binance in 2023 as part of a settlement that sent him to prison for four months in a minimum security prison in Lompoc, California. As part of the deal, he was allowed to retain his ownership stake in Binance, but could no longer serve in an executive role on the exchange.

He remains Binance’s largest shareholder and one of crypto’s most influential figures. Since returning from prison, he has focused on global crypto advocacy, advising governments on digital asset policy and investing in blockchain startups through private ventures.

He founded Binance in July 2017 after an initial coin offering (ICO) that raised approx $15 million. It became the world’s largest cryptocurrency exchange by trading volume within just six months, and remains in that position of power.

CoinGecko data shows more than $75 billion worth of trading volume in the past 24 hours amid the crypto market carnage – almost five times as much as the next largest followed exchange, Bitget.