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US President Donald Trump granted a pardon to Binance founder Changpeng “CZ” Zhao on October 23, 2025, expunging a federal conviction associated with anti-money-laundering deficiencies.
As reported by Reuters and the Associated Press, Zhao had admitted guilt in 2023, paid a $50 million penalty, and served approximately four months in jail. Binance itself consented to over $4 billion in fines related to US enforcement actions.
Legislators Seek Clarification
Representative Maxine Waters, the leading Democrat on the House Financial Services Committee, termed the pardon “shocking yet expected” and accused the administration of favoring affluent insiders.
According to reports from her office, Waters claims that CZ spent months lobbying the president and his family, and “funneled billions” into a Trump-associated crypto initiative, World Liberty Financial. She and other Democrats expressed a desire for records and clarifications.
Markets reacted swiftly following the announcement. Trading statistics indicated Binance’s native token BNB increasing during intraday trading, with some projections estimating gains between approximately 3% and 8% at peak times.
Reported trading volume soared roughly 35% above recent averages on several platforms as traders processed the news. Some investors indicated that the pardon might mitigate near-term regulatory risks associated with Binance-related assets.
Legal Background And Reaction
Zhao’s conviction arose from allegations under the Bank Secrecy Act for failing to implement a competent anti-money-laundering program.
He agreed to a $50 million fine and served around four months incarcerated. The presidential pardon erases the federal criminal conviction from his record but does not eliminate the details of the case or the company’s settlement.
As per various outlets, CZ expressed appreciation for the pardon and stated his intention to assist US crypto endeavors moving forward.
Extremely thankful for today’s pardon and to President Trump for maintaining America’s dedication to equity, innovation, and justice.
🙏🙏🙏🙏Will do everything possible to help establish America as the Capital of Crypto and advance web3 globally.
(Still in transit, more updates to follow.)…
— CZ 🔶 BNB (@cz_binance) October 23, 2025
Political leaders reacted strongly. Senator Elizabeth Warren and other Democrats condemned the decision and raised issues of influence and fairness.
Several Republican legislators framed the action as a rejuvenation of US engagement with the crypto industry. Reports have revealed that congressional offices are considering oversight measures to investigate any private meetings, contributions, or contracts related to the pardon.
Simultaneously, specific financial connections mentioned in Waters’s statement remain unaddressed in public documentation.
Featured image from Getty Images, chart from TradingView
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