President Donald Trump pardoned Changpeng Zhao, the founder of Binance, the world’s largest crypto exchange by trading volume.

Zhao, commonly known as CZ, completed a four-month prison sentence in September 2024 after pleading guilty to money laundering charges related to compliance failures at Binance. The case centered on the exchange’s inadequate anti-money laundering controls.

The pardon comes amid reports of discussions between the Trump family and Binance regarding potential business arrangements that could involve Zhao’s return to a leadership position at the exchange.

Binance paid $4.3 billion in penalties to US regulators in November 2023 as part of a settlement agreement. Zhao stepped down as CEO as part of the deal and was replaced by former UAE banking regulator Richard Teng.

The pardon has generated significant discussion on X about its potential impact on crypto market dynamics, with some observers viewing it as a signal of more favorable policies toward the digital asset industry under the Trump administration.