President Donald Trump has now reportedly granted a presidential pardon to Changpeng Zhao, the founder of the cryptocurrency exchange Binance, who last year pleaded guilty to charges of enabling money laundering while serving as the company’s chief executive.
The decision, announced Thursday by the White House, marks a striking reversal of fortunes for one of the most prominent figures in the digital currency world and underscores Trump’s broader support for the cryptocurrency industry.
“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 remark appeared to frame the move as part of a larger effort by the administration to distance itself from the aggressive regulatory posture taken by President Biden’s Justice Department toward crypto markets and executives.
Zhao, widely known in the industry by his initials “CZ,” pleaded guilty in November 2023 to violations of U.S. anti–money laundering laws as part of a sweeping federal investigation into Binance.
As part of a $4.3 billion settlement with the Department of Justice, Zhao agreed to resign as the company’s CEO. The plea deal, reached under the Biden administration, was among the most significant criminal actions taken against a crypto exchange since the digital asset boom began more than a decade ago.
This story is developing…
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