US President Trump pardons convicted Binance founder Changpeng Zhao

According to the Wall Street Journal, US President Trump has decided to pardon Changpeng Zhao, the previously convicted founder of Binance.

The report noted that Zhao had actively supported the Trump family's crypto-related businesses for months. Sources familiar with the matter revealed that the president signed the pardon on Wednesday, noting that Trump had recently expressed sympathy to advisers regarding the "political witch hunt" narrative surrounding Zhao and others involved.

White House Press Secretary Carolyn Levitt subsequently issued a statement stating that Trump "exercised his constitutional authority to pardon Changpeng Zhao." She emphasized that "Changpeng Zhao was prosecuted during the Biden administration, and the Biden administration's war on cryptocurrency is now over."

Zhao Changpeng was previously convicted of violating the US Bank Secrecy Act by failing to implement effective anti-money laundering procedures at Binance. On November 21, 2023, he pleaded guilty to the charges and resigned as Binance's CEO. Binance also agreed to pay a fine of over $4 billion. On April 30, 2024, Zhao Changpeng was sentenced to four months in prison.