Trump Pardons Binance Founder After Firm Boosts Family Crypto Venture

In 2025, Binance, led by founder Changpeng Zhao who was convicted for anti-money laundering violations, provided significant technological and financial support to World Liberty Financial (WLF), a cryptocurrency company owned by President Donald Trump and his family. Binance engineers developed the technology for WLF's stablecoin, USD1, which enabled an Emirati state-backed fund, MGX, to invest $2 billion in Binance using USD1, causing WLF's market value to surge from $127 million to over $2.1 billion. Shortly after, President Trump pardoned Zhao, a move criticized as an example of Trump using his office to favor someone connected to deals that enriched his family, though the White House denied any conflict of interest. Binance's involvement included creating a task force to strike a deal with the Trump-affiliated venture, working to strengthen WLF’s coin, and aiming to secure Zhao's freedom. The pardon potentially opens the door for Binance to reenter the US market and eases regulatory scrutiny, though some oversight is expected to continue. Both Binance and WLF have denied direct involvement in the pardon decision, characterizing their relationship as typical supplier-client arrangements.