President Donald Trump pardoned Binance founder Changpeng Zhao, known as CZ. The U.S. Department of Justice’s pardon register dates the grant to October 21, 2025; the White House announcement was reported two days later. The pardon followed business ties between Binance and World Liberty Financial (WLF), a Trump family-linked venture, but the available record does not establish that Zhao personally promoted WLF or that the business ties caused or bought the pardon.
What happened, and when?
The dates matter: the DOJ register records when the pardon was granted, while October 23 is when the White House publicly announced it. Some political records call October 23 the grant date, but that differs from the DOJ register.
| Date | Event |
|---|---|
| November 21, 2023 | The DOJ says Zhao pleaded guilty to a Bank Secrecy Act offense. Binance separately pleaded guilty to federal offenses. |
| April 30, 2024 | The DOJ pardon register lists Zhao’s sentence as four months in prison and a $50 million criminal fine. |
| May 1, 2025 | A May 14 Senate Banking Committee letter describes an announcement that MGX would use WLF’s USD1 stablecoin in a $2 billion transaction involving Binance. |
| May 14, 2025 | Senate Banking Committee members wrote that they were seeking information about reports Zhao was seeking a pardon and raised concerns about the business ties and timing. |
| May 22, 2025 | Binance announced it would list USD1 for spot trading. |
| October 21, 2025 | The DOJ pardon register records Trump’s grant of a pardon to Zhao. |
| October 23, 2025 | The White House publicly announced the pardon, according to the Associated Press. |
What did Zhao and Binance admit?
Zhao’s individual case
The DOJ says Zhao pleaded guilty to causing Binance to fail to implement an effective anti-money-laundering program, in violation of the Bank Secrecy Act. The DOJ register lists a four-month prison sentence and a $50 million criminal fine. A Senate letter separately says he was required to pay $50 million to the Commodity Futures Trading Commission; that is a separate obligation, not the criminal fine.
Binance’s corporate case
Binance’s guilty plea was separate from Zhao’s. The DOJ said the company agreed to $4.3 billion in penalties, compliance remediation and an independent monitor. In a May 14, 2025 letter, Senate members quoted then-Treasury Secretary Janet Yellen describing Binance as having “turned a blind eye to its legal obligations in the pursuit of profit.” That is Yellen’s characterization of the company’s 2023 resolution, as quoted by the senators—not a separate court finding.
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What connects Binance to WLF?
USD1 is a stablecoin issued by WLF and described in Binance’s May 22, 2025 listing announcement as a fiat-backed digital asset intended to maintain one-to-one equivalence with the U.S. dollar. Binance’s announced spot listing is evidence of company-level commercial support for a WLF asset.
The Senate Banking Committee letter and a resolution introduced on October 23 describe a separate $2 billion MGX investment in Binance that used USD1. Those congressional records explain why lawmakers scrutinized the relationship between Binance, WLF and the pardon. They are evidence of what the members reported and questioned, not an adjudication that misconduct occurred.
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Was the pardon exchanged for the business relationship?
The records establish a sequence of events and business connections, but they do not establish a quid pro quo. In particular, the sources reviewed do not document a specific personal act by Zhao promoting WLF; the direct evidence concerns Binance’s listing of USD1 and the transaction described by congressional sources. Nor do they prove that those business dealings caused Trump to grant the pardon.
The administration gave a different public explanation. As reported by the Associated Press on October 23, White House Press Secretary Karoline Leavitt said the White House counsel’s office had “thoroughly reviewed” the request and called the prosecution “an egregious oversentencing.” Those statements describe the administration’s rationale, not an independent legal assessment. Zhao wrote, as quoted by AP, “Deeply grateful for today’s pardon and to President Trump for upholding America’s commitment to fairness, innovation, and justice.”
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What does Binance’s later USD1 campaign tell us?
In an October 1, 2026 notice, Binance described a USD1 holder campaign scheduled to run from October 2 through October 30, 2026. The notice specifies eligibility conditions and regional exclusions, including the United States, the United Kingdom, Canada and many European jurisdictions, and says restrictions can change. This later platform promotion is separate from the 2025 pardon; it does not establish why the pardon was granted. Anyone considering participation should check Binance’s current campaign terms and regional eligibility directly.
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