President Donald Trump has officially pardoned Changpeng Zhao, the billionaire founder of Binance known as CZ.

The move erases Zhao’s 2023 conviction for anti-money laundering violations.

Binance’s token BNB surged 15% to around $1,150 on the news.

The full and unconditional pardon frees Zhao from further penalties after he served four months in prison and paid a $50 million fine.

It also caps a fierce lobbying push by Binance, the world’s largest crypto exchange, amid Trump’s pro-crypto agenda.

Zhao pleaded guilty to failing to maintain an effective anti-money laundering program at Binance, which enabled illicit activities including drug trafficking and terrorism financing.

The exchange settled with the Justice Department for $4.3 billion, the largest penalty in crypto history.

Zhao stepped down as CEO but retained majority ownership, and the pardon clears his path to potentially reclaim leadership and expand Binance in the US market.