Donald Trump Carefully Reviewed CZ’s Pardon Before Approval, White House Says

Highlights:

• White House confirms CZ’s pardon underwent a full legal review before reaching President Trump. 
• Press Secretary said Biden’s team overdid it, and Trump ended the crypto conflict.

• Trump said he does not know Zhao personally and dismissed criticism as political.

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The White House confirmed that Binance founder Changpeng Zhao’s pardon was carefully reviewed before reaching President Donald Trump. Press Secretary Karoline Leavitt said in a briefing on Tuesday that all pardon requests go through lawyers and the White House Counsel’s office for proper review. She added that Trump made the final decision after a thorough process and treated the pardon with “utmost seriousness” before approving it.

Trump addressed the pardon in a CBS News 60 Minutes interview on Sunday, saying he had “no idea” who Zhao is. The president dismissed criticism of the pardon as politically motivated. Leavitt clarified that Trump “does not know him personally” and confirmed there is no personal relationship between them.

Leavitt Claims Biden Administration Overreached on Crypto Case

White House press secretary described Zhao as “over-prosecuted by a weaponized DOJ,” adding that the Biden administration had sought excessive punishment. She stated, “The president is correcting that wrong, and he has officially ended the Biden administration’s war on the cryptocurrency industry, and I think that’s the message he sent with this pardon.”

On October 23, President Trump issued a pardon to Changpeng Zhao, which is a billionaire and a leading figure in the crypto world. He served four months in prison, and authorities released him in September last year.

Zhao faced legal trouble after admitting he failed to maintain an effective Anti–Money Laundering program at Binance, violating the US Bank Secrecy Act. US prosecutors had initially sought a three-year sentence, but the judge reduced it to four months. He paid a $50 million penalty, while Binance, the exchange he co-founded, agreed to a $4.3 billion settlement.

Zhao’s lawyer, Teresa Goody Guillén, and other supporters argued that the punishment was harsh, considering it was a single charge against a non-violent first-time offender. They highlighted that Zhao’s case involved a compliance program failure, not criminal violence.

Facts Matter: @cz_binance was rightfully pardoned by @POTUS for a single charge of failure to have an effective compliance program. NO fraud, NO victims, NO criminal history. NO money laundering.

CZ is the first and only known first-time offender in U.S. history to receive a…

— Teresa Goody Guillén (@teresagoody) October 23, 2025

$2B MGX Deal Sparks Questions Over CZ’s Pardon

The controversy centers on a $2 billion deal with MGX, an investment firm owned by the Abu Dhabi government. MGX completed the transaction entirely using USD1, a digital token created by World Liberty Financial, a company linked to the Trump family. The deal boosted USD1’s trading volume and profile on the platform, raising questions from lawmakers and reporters about whether it influenced Trump’s pardon of Zhao. 

In a Sunday interview, Trump said he didn’t know about his family’s $2 billion Binance deal. He also noted that his sons manage their own businesses, participate in cryptocurrency, and hold no government positions.

Binance CEO Richard Teng also denied that the exchange favored a coin connected to Trump’s family to secure a pardon for Zhao. Speaking on CNBC Monday, Teng said MGX decided to use USD1 in the investment. He noted that several other exchanges had already listed USD1, and Binance fairly evaluates new projects.