President Donald Trump has pardoned Binance founder Changpeng “CZ” Zhao[1], as first reported by CNBC[2].
Zhao previously pleaded guilty to enabling money laundering while running the cryptocurrency exchange, and served four months in prison last year.
“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.
Trump’s pardon comes two months after The Wall Street Journal[3] reported that the Trump family’s own crypto venture benefited from a partnership with an under-the-radar trading platform operated by Binance. The crypto venture has generated around $4.5 billion since the 2024 election.
After pleading guilty to the DOJ’s charges in 2023, Zhao agreed to step down as Binance CEO, paid a $50 million fine, and agreed to never serve as a Binance executive again. Following the charges, Binance was forced to pay a $4.3 billion settlement to the U.S. government, one of the largest corporate fines in U.S. history.
References
- ^ founder Changpeng “CZ” Zhao (techcrunch.com)
- ^ reported by CNBC (www.cnbc.com)
- ^ The Wall Street Journal (www.wsj.com)