 "Trump pardons Binance founder Zhao, world’s largest crypto exchange leader")
US President Donald Trump on Thursday granted a full pardon to Changpeng Zhao, the founder of the world’s largest cryptocurrency exchange, Binance, marking a major reversal in Washington’s stance toward the crypto 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,” The Guardian quoted the White House as saying in a statement.
“The war on crypto is over,” the statement added.
Zhao — widely known by his initials CZ — pleaded guilty in late 2023 to a single charge of failing to maintain an anti–money laundering programme. He stepped down as Binance’s CEO as part of a $4.3 billion settlement with US authorities and was sentenced to four months in prison.
Once one of the world’s richest individuals, Zhao built Binance into the world’s largest cryptocurrency exchange before his legal troubles led to the platform being barred from operating in the United States.
Trump’s decision to pardon Zhao is seen as a major win for both the crypto entrepreneur and Binance, following months of speculation and lobbying.
It also highlights the Trump administration’s sharp turn toward easing oversight of the cryptocurrency sector — a move that comes as Trump and his family pursue their own multibillion-dollar crypto ventures.
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More Shorts“Incredible news of CZ’s pardon today. We thank President Trump for his leadership and for his commitment to make the US the crypto capital of the world,” The Guardian quoted a spokesperson for Binance as saying in a statement.
Representatives from the Trump family’s crypto venture, World Liberty Financial, reportedly held talks with Binance about acquiring a stake in the exchange’s US arm, The Wall Street Journal reported earlier this year. Zhao, however, denied any connection between a potential deal and his pardon.
“Fact: I have had no discussions of a Binance US deal with … well, anyone,” Zhao posted on X in March. “No felon would mind a pardon.”
Despite his denial, Binance has played a significant role in boosting the Trump family’s crypto enterprise.
Earlier this year, the exchange processed a $2 billion transaction from an Emirati investment fund that was paid in World Liberty Financial’s own cryptocurrency — a deal that both legitimised and profited the Trump-backed firm.
“We thank MGX and Binance for their trust in us,” said Zach Witkoff, founder of the Trump family’s crypto company, at a Dubai conference announcing the deal in May.
The move has raised alarm among Democratic lawmakers.
In a joint statement, Senators Elizabeth Warren and other members of the Senate Banking Committee warned that Binance’s dealings with the Trump administration could “enrich the president” while undermining financial oversight.
The Justice Department’s earlier case against Binance accused the company of failing to report more than 100,000 suspicious transactions, including some tied to terrorist groups such as al-Qaida and Hamas. The Securities and Exchange Commission also sued Binance in 2023 but dropped the case shortly after Trump took office.
With inputs from agencies
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