Trump Pardons Changpeng Zhao, the Founder of Binance
President Donald Trump ends the money laundering case connected to Biden’s attack on cryptocurrency by pardoning Changpeng Zhao, the founder of Binance.
Changpeng “CZ” Zhao, the founder of Binance, has been officially pardoned by President Donald Trump. Zhao had previously entered a guilty plea to charges of facilitating money laundering through the biggest cryptocurrency exchange in the world, the White House said Thursday.
“By pardoning Mr. Zhao, who was charged by the Biden Administration in their war on cryptocurrency, President Trump exercised his constitutional authority,” White House Press Secretary Karoline Leavitt said in a statement.
The Biden Justice Department’s high-profile lawsuit, in which it accused Binance of not maintaining sufficient anti-money-laundering measures, led to Zhao’s conviction.
In the larger discussion about Bitcoin legislation in the US, Zhao’s legal issues had emerged as a key source of contention.
The pardon comes at a critical juncture in Trump’s ongoing efforts to establish himself as a leader who supports cryptocurrency, often denouncing the Biden administration’s strategy as being unduly radical and inhibiting innovation.
Zhao and Binance have not yet responded to the pardon in an official manner.
