Gemini co-founders Tyler and Cameron Winklevoss discuss cryptocurrency’s growth under the Trump administration, their partnership with Mastercard for a Bitcoin credit card and more on ‘The Claman Countdown.’
President Donald Trump pardoned Changpeng “CZ” Zhao, the convicted founder of Binance, the world’s largest crypto exchange.
Zhao pleaded guilty in 2023 to a single violation of the Bank Secrecy Act, which included failure to properly implement an effective anti-money laundering program. Binance paid $4.3 billion to resolve the Department of Justice’s investigation led by former Attorney General Merrick Garland and coordinated by then-Treasury Secretary Janet Yellen through its financial crime units.
Zhao left federal prison in September 2024 after serving a four-month sentence.
“President Trump exercised his constitutional authority by issuing a pardon for Mr. Zhao, who was prosecuted by the Biden Administration in their war on cryptocurrency,” White House press secretary Karoline Leavitt said in a statement.
The crypto industry has been revived under the new administration, which has promised to make the U.S. the crypto capital of the world.
Merrick Garland served as attorney general under President Joe Biden. (Fox News Channel / Fox News)
While Biden’s DOJ said that Zhao broke the law, some believe the charges were part of the Biden administration’s war on crypto and would likely not have merited jail time for any other exchange or financial CEO.
MILLIONS IN BITCOIN SEIZED BY DOJ IN ‘PIG BUTCHERING’ SCAM
Changpeng Zhao, founder and chief executive officer of Binance, attends the Viva Technology conference dedicated to innovation and startups at Porte de Versailles exhibition center in Paris, France, on June 16, 2022. (Reuters/Benoit Tessier/File Photo / Reuters Photos)
Reports of the potential pardon had been circulating in recent weeks, with Zhao himself commenting on a report by FOX Business’ Charlie Gasparino via X.
“Thank you Charles. Great news if true. Minor correction, there were no “fraud” charges. I believe they (the DOJ under the last administration) looked very hard for it, but didn’t find any. I pleaded to a single violation of Banking Secrecy Act (BSA).”
Zhao remains the largest shareholder in Binance, though it’s unclear if he’ll return to the company.
Cryptocurrencies are on a roll this year. Bitcoin topped a fresh record, hitting the $126,000 level earlier this month but has since drifted down to the $111,000 level. Still, it has advanced over 19% this year.
LIVE CRYPTO PRICES: HERE
Investors Tyler and Cameron Winklevoss attend the signing ceremony for the “GENIUS Act” in the East Room of the White House July 18, 2025. (Win McNamee/Getty Images / Getty Images)
Two crypto exchanges, Bullish and Gemini, founded by the Winklevoss Twins, went public this year, joining Coinbase.
TYLER WINKLEVOSS ON AMERICA’S CRYPTO COMEBACK
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GEMI | GEMINI SPACE STATION INC. COM USD0.001 CL A | 19.69 | +0.38 | +1.96% |
| BLSH | BULLISH | 53.89 | +1.26 | +2.39% |
| COIN | COINBASE GLOBAL INC. | 322.23 | +1.90 | +0.59% |
A sign of demand and support for the crypto industry is on the rise.
FOX Business’ Anders Hagstrom contributed to this report.
