The file
Changpeng Zhao
Photo: Aevozer, CC BY-SA 4.0, via Wikimedia Commons
person

Changpeng Zhao

Founder and former CEO of Binance

Entries
11
On the record
6
Stories
1
Latest entry
Oct 23, 2025

The record

Compiled by the MrScandal desk from the documents below ยท Desk editor Laima ฤ’rkลกฤทe-Kreicberga ยท Nov 9, 2026

Changpeng Zhao, widely known as CZ, is a Canadian citizen who founded Binance and was its beneficial owner and chief executive, according to the SEC's 2023 complaint. The complaint says he and Binance raised about $15 million in a June-July 2017 sale of BNB tokens to finance start-up costs, and launched the Binance.com platform in July 2017; the separate Binance.US platform followed in September 2019.

Regulators moved against him months before his criminal plea. The Commodity Futures Trading Commission sued him and Binance in March 2023, alleging an illegal derivatives exchange and willful evasion of federal law, and the SEC filed 13 charges that June. In November 2023 he agreed to a $150 million CFTC penalty, the same day Treasury announced $3.4 billion and $968 million penalties against Binance.

The SEC case ended without a ruling on its merits when the agency dismissed it against Zhao and the three Binance entities on May 29, 2025. The proposed CFTC consent order, by contrast, sought a permanent injunction barring Zhao and Binance from willfully evading the Commodity Exchange Act. His guilty plea to an anti-money-laundering charge, his four-month prison sentence and his October 2025 pardon form the criminal side of the same record.

Roles and honours on the record

  • as of 2023 Founder, beneficial owner and chief executive of Binance, per the SEC complaint source
  • to 2022 Chairman of the boards of BAM Trading Services and BAM Management, the companies behind Binance.US, until about March 2022, per the SEC complaint source

Every entry, newest first

Last entry Oct 23, 2025
  1. Reported

    Pardoned by President Trump; White House cited 'no allegations of fraud or identifiable victims'. Binance to pay $4.3B; Zhao served four months, then a pardon

  2. Reported

    Released from custody after serving the four-month sentence, TechCrunch reported. Binance to pay $4.3B; Zhao served four months, then a pardon

  3. Ruled

    Sentenced to four months in prison by Judge Richard Jones in Seattle; prosecutors had sought three years. Binance to pay $4.3B; Zhao served four months, then a pardon

  4. Admitted

    Pleaded guilty in Seattle federal court to failing to maintain an effective anti-money-laundering program; resigned as Binance CEO. Binance to pay $4.3B; Zhao served four months, then a pardon

Stories in this file

Changpeng Zhao: $4.3B Binance penaltyMoney ยท 7d ago

๐Ÿช™ Binance to pay $4.3B; Zhao served four months, then a pardon

He pleaded guilty to an anti-money-laundering charge. The White House called the case overreach with "no allegations of fraud". ๐Ÿ—ฃ๏ธ

The record, entry by entry

  1. 2017-07 Filed The SEC's complaint says Zhao and Binance raised about $15 million in an initial coin offering of BNB tokens from about June 26 to July 3, 2017, then launched the Binance.com platform that July. SEC complaint, SEC v. Binance Holdings Ltd. et al., No. 1:23-cv-01599 (D.D.C.)
  2. 2019-09-24 Filed The Binance.US platform launched. The SEC complaint says its parent was then wholly owned through a chain of companies ending in one owned and controlled by Zhao. SEC complaint, SEC v. Binance Holdings Ltd. et al., No. 1:23-cv-01599 (D.D.C.)
  3. 2023-03-27 Filed The CFTC sued Zhao and three Binance entities in federal court in Chicago, alleging willful evasion of federal law and operation of an illegal digital asset derivatives exchange, and charged former compliance chief Samuel Lim with aiding and abetting. CFTC press release 8680-23
  4. 2023-06-05 Filed The SEC filed 13 charges in federal court in Washington, D.C., against Binance Holdings, BAM Trading Services, BAM Management US Holdings and Zhao, alleging among other things that he controlled customer assets that were commingled or diverted, including to companies he owned or controlled. SEC press release 2023-101
  5. 2023-11-21 Official The CFTC announced that Binance and Zhao agreed to pay $2.85 billion, including a $150 million civil penalty from Zhao personally, under a proposed consent order subject to court approval in the Northern District of Illinois. CFTC press release 8825-23
  6. 2023-11-21 Official The Treasury Department announced a $3.4 billion FinCEN civil money penalty and a $968 million OFAC penalty against Binance, with a five-year monitorship and a requirement that Binance fully exit the United States. U.S. Treasury press release jy1925
  7. 2025-05-29 Official The SEC dismissed its action against Zhao, Binance Holdings, BAM Trading and BAM Management. SEC press release 2023-101 (dismissal note)

Documents

Sources behind this file

  1. Wall Street Journal report on the pardon process ยท Report, Dec 24, 2025
  2. BBC News report on Trump's 60 Minutes interview ยท Report, Nov 3, 2025
  3. CBS News report on the pardon ยท Report, Oct 23, 2025
  4. Wall Street Journal report on the pardon ยท Report, Oct 23, 2025
  5. Wall Street Journal report on Trump family talks ยท Report, Mar 13, 2025
  6. TechCrunch report on the release ยท Report, Sep 27, 2024
  7. CNBC report on the sentencing ยท Report, Apr 30, 2024
  8. Reuters report ahead of sentencing ยท Report, Apr 30, 2024
  9. CNBC report on outflows and bond ยท Report, Nov 22, 2023
  10. Justice Department press release ยท Statement, Nov 21, 2023
  11. The Guardian report on the settlement ยท Report, Nov 21, 2023
  12. Axios report with Binance statement ยท Report, Nov 21, 2023

Connected files

  • Binance ยท Cryptocurrency exchange founded by Changpeng Zhao in 2017 ยท 1 shared story