Trump weighs pardon for Changpeng Zhao, Binance founder

President Donald Trump is weighing a presidential pardon for Changpeng Zhao, the founder and former chief executive of cryptocurrency exchange Binance, according to people familiar with White House discussions. The debates have intensified in recent weeks as advisers weigh legal and political implications of a possible clemency decision that could clear Zhao’s U.S. felony record and restore some business rights he lost after a 2023 conviction.

Zhao, known in the industry as CZ, pleaded guilty in 2023 to one count of failing to maintain an effective antimoney laundering program in violation of the Bank Secrecy Act. As part of a settlement with U.S. authorities, he paid a personal fine of about $50 million, stepped down as Binance CEO, and Binance agreed to pay roughly $4.3 billion in penalties. In April 2024 a federal judge sentenced him to four months in prison. He served about 116 days and was released in late September 2024.

People close to the case and to the administration said some Trump allies view the prosecution as overly aggressive and argue the penalties and sentence were disproportionate. Other White House aides have raised concerns about optics and potential backlash...