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The Trump administration doubled down Tuesday on its Oct 23 pardon of Binance billionaire Changpeng Zhao, insisting the clemency underwent a “thorough review” by DOJ lawyers and White House Counsel—hours after the president told 60 Minutes he has “no idea” who CZ is.
“Every pardon moves through qualified attorneys with utmost seriousness,” Press Secretary Karoline Leavitt told reporters. “This was an over-prosecuted Biden witch-hunt—no fraud, no victims.”
The pardon erased CZ’s four-month sentence and $50 million fine for Bank Secrecy Act violations, instantly lifting Binance’s U.S. operating ban. BNB surged 8 % to $1,012; Binance.US trading volume spiked 340 % overnight.
Critics pounced. Sen. Elizabeth Warren called it “corruption on steroids,” citing Binance’s $2 billion infusion into Trump-family World Liberty Financial via the president’s USD1 stablecoin. Lobbying disclosures show Binance paid Trump Jr. ally Charles McDowell $450,000 for “executive relief” talks.
Trump shrugged off the optics: “I heard he was treated badly—like me. I did the right thing.”
On-chain data reveals CZ quietly moved 1.2 million BNB ($1.2 billion) to cold storage post-pardon, fueling speculation he’ll reclaim day-to-day control. Binance CEO Richard Teng teased “U.S. re-entry by Thanksgiving.”
Bernstein now forecasts Binance.US capturing 22 % domestic market share by Q2 2026, adding $14 billion in annual revenue.
Ethics watchdogs filed FEC complaints; House Oversight opened a probe. Yet with Trump vowing America as “crypto capital,” more pardons loom—Sam Bankman-Fried’s name tops watchlists.
CZ broke silence on X: “Grateful. Time to build.”
