Zhao Changpeng, founder of the world's largest cryptocurrency exchange Binance, has received a pardon from U.S. President Donald Trump.
Zhao, also known as "CZ," was sentenced to four months in prison in April 2024 after admitting to violating U.S. money laundering laws. Binance also pleaded guilty and was fined US$4.3 billion for facilitating users in evading sanctions during a U.S. investigation.
The pardon has reignited discussions about the White House's support for cryptocurrency, especially as the Trump family's investments in the sector have increased.
White House Press Secretary Karoline Leavitt described Zhao's prosecution under the Biden administration as part of a "war on cryptocurrency," countering claims that the pardon was driven by Trump's personal financial interests. She stated, "This was an overly prosecuted case by the Biden administration," emphasizing that it had been "thoroughly reviewed." "The president aims to correct this overreach of the Biden administration's injustice and exercises his constitutional authority to do so."
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