President Donald Trump has officially pardoned Binance founder Changpeng “CZ” Zhao, who had previously pleaded guilty to charges related to enabling money laundering through the world’s largest cryptocurrency exchange, the White House announced Thursday.
“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.
Zhao’s conviction stemmed from a high-profile case brought by the Biden Justice Department, which accused Binance of failing to maintain adequate anti-money-laundering controls.
Zhao’s legal troubles had become a major flashpoint in the broader debate over cryptocurrency regulation in the United States.
The pardon marks a significant moment in Trump’s renewed push to position himself as a pro-crypto leader, frequently criticizing the Biden administration’s approach as overly aggressive and stifling to innovation.
Binance and Zhao have yet to issue an official response to the pardon.
Erizia Rubyjeana
About the Author
