Zhao, commonly known as CZ, is one of the most influential figures in the cryptocurrency industry. He resigned as a director of Binance in 2023, after the company pleaded guilty to failing to maintain an effective anti-money laundering program and had to pay a fine of $4.3 billion.
Zhao has been prosecuted by former President Biden's administration "in the fight against cryptocurrency," White House press secretary Karoline Leavitt said in a statement.
In a post on social media platform X, Zhao said he was "immersive for today's pardon and President Trump for upholding America's commitment to fairness, innovation and justice." He also emphasized that he will do everything possible to help the US become the center of world cryptocurrency.
In a statement, Binance said: Its incredible news about the pardon for CZ. We thank President Trump for his leadership and commitment to turning the US into the world's cryptocurrency hub. CZ's vision is not only to make Binance the world's largest cryptocurrency exchange but also to shape a broader cryptocurrency movement."
Mr Trump's decision to forgive has been met with criticism from some ethical experts, because the president's business empire includes a number of cryptocurrency projects.
Mr. Trump's family is involved in a cryptocurrency joint venture called World Liberty Financial, which has launched a digital asset called USD1 - a stable currency with a value anchored in USD.
Mr. Trump's most recent financial disclosure report revealed that he earned more than $57 million in 2024 from World Liberty Financial.
