U.S. President Donald Trump has officially pardoned Changpeng “CZ” Zhao, the founder of the world’s largest crypto exchange Binance.

“Will do everything we can to help make America the Capital of Crypto and advance web3 worldwide,” said Zhao on X, while also noting that he was “deeply grateful” for the pardon.

Zhao was sentenced in April 2024 to four months in prison after pleading guilty to violating the Bank Secrecy Act, related to failures in Binance’s anti-money-laundering systems.

This story is an excerpt from the Unchained Daily newsletter.

The exchange itself paid a record $4.3 billion penalty and accepted a U.S. government monitor as part of a settlement with the Department of Justice, the CFTC, and the Treasury.

White House Press Secretary Karoline Leavitt said the pardon reflected President Trump’s belief that Zhao had been “targeted by the Biden Administration in their war on cryptocurrency” rather than for fraudulent acts.

With this pardon, Zhao may re-engage in U.S. business operations and potentially return to a leadership role within Binance.