President Donald Trump has pardoned former Binance CEO Changpeng Zhao (CZ), according to an announcement from White House Press Secretary Karoline Leavitt – marking a major shift in the US administration’s approach to the cryptocurrency industry.
In an official statement, Leavitt strongly criticized the previous Biden administration:
“Trump used his constitutional power to pardon Zhao, who was indicted in the Biden administration’s war on crypto. Without alleging fraud or specific victims, they are still seeking to punish the industry,” she said.
“The Biden administration’s war on crypto is over,” she also stressed.
According to the Wall Street Journal, this is Trump's official pardon decision. Binance has not yet commented.
CZ had previously denied reports that he was lobbying the Trump administration for a pardon, but weeks later confirmed that he had filed a formal pardon application, even after the article was published.
The decision could pave the way for CZ to return to run Binance. However, according to current CEO Richard Teng, Zhao's plea agreement with the US government includes a lifetime ban from operating the exchange.
Zhao was sentenced to four months in prison in 2023 for failing to maintain an effective anti-money laundering program. He paid a $50 million fine, while Binance paid $4.3 billion in one of the largest settlements in U.S. corporate history.
Discussions about a Trump pardon for Zhao have accelerated this month, according to several sources within the White House. Fox Business reporter Charles Gasparino said many people close to Trump believe Zhao’s case is “light” and does not merit criminal charges or jail time.
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