Former Binance CEO Changpeng Zhao, often called “CZ,” is once again at the center of controversy after President Donald Trump issued him a presidential pardon on October 23. The decision came just as new reports surfaced alleging that Binance helped the Trump family’s cryptocurrency company make billions before the pardon.
Trump Pardons Changpeng Zhao
According to a Wall Street Journal report, Binance developed the technology behind World Liberty Financials’ stablecoin, USD1, which skyrocketed in value from $127 million to over $2.1 billion earlier this year. The Trump family reportedly holds a majority stake in the company through a parent firm, fueling allegations of political favoritism.
Trump’s administration defended the decision, claiming Zhao was “targeted by the Biden administration in their war on cryptocurrency.”
Zhao’s Legal Troubles and Binance’s U.S. Comeback
Zhao’s legal saga dates back to 2023 when he pleaded guilty to violating the Bank Secrecy Act and failing to establish an anti–money laundering program. He stepped down as Binance CEO as part of a record $4.3 billion settlement with the U.S. Department of Justice (DOJ) and served less than six months in prison.
