Is a Presidential Pardon in the Works for Binance Founder CZ?

Crypto Twitter is all aflutter after Fox Business reporter Charles Gasparino tweeted a “scoop” claiming White House insiders say discussions are heating up and Trump “is leaning toward a pardon.” Gasparino is a veteran financial and political journalist—often a fixture in Wall Street/White House circles.

Gasparino’s tweet lands atop a complex backdrop: In May, CZ confirmed that his legal team formally applied for clemency. In earlier reports, the Trump family was said to have explored investment deals involving Binance’s U.S. arm, linking business incentives to political favors. Zhao denied that speculation.

CZ and Binance have previously denied that a pardon has been granted. Media reports of a pardon allegedly issued were retracted, and Binance’s cofounder Yi He dismissed the rumors. DOJ records show no official clemency in his name.

Still, the path from rumor to pardon isn’t closed. If a clemency is issued, then it could ease regulatory constraints on Zhao’s future involvement in crypto, rewire power dynamics at Binance, and reintroduce political entanglements in U.S. crypto regulation.

And Zhao did not deny Gasparino’s report—in fact, he welcomed the outcome.

“Thank you, Charles. Great news if true,” Zhao wrote while correcting a detail from Gasparino’s post, before thanking the journalist “for the coverage.”

CZ resigned his position as Binance’s CEO in 2023 as part of a plea bargain that sent him to jail for four months at a minimum security prison in Lompoc, California. As part of the deal, he was allowed to maintain his ownership stake in Binance, but could no longer hold an executive role at the exchange.

He remains Binance’s largest shareholder and one of crypto’s most influential figures. Since his return from jail, he’s focused on global crypto advocacy, advising governments on digital asset policy and investing in blockchain startups through private ventures.

He founded Binance in July 2017 following an initial coin offering (ICO) that raised about $15 million. It became the world’s largest cryptocurrency exchange by trading volume within just six months, and remains in that power position.

CoinGecko data shows more than $75 billion worth of trading volume over the last 24 hours amid the crypto market bloodbath—nearly five times the amount of trading as the next-biggest tracked exchange, Bitget.