Trump Grants Pardon to Binance Co-Founder Convicted of Violating Anti-Money Laundering Laws

SadaNews - The White House announced on Thursday - Friday that U.S. President Donald Trump granted a pardon to Changpeng Zhao, the co-founder of the cryptocurrency trading platform "Binance," accusing Joe Biden of acting "very aggressively" towards this sector, according to the "French Press Agency."

The "Binance" platform was established in 2017 and quickly became the largest cryptocurrency exchange in the world by volume, making its founder a billionaire.

After an investigation into the company’s operations, Zhao, also known as "CZ," admitted in late 2023 to violating U.S. anti-money laundering laws and received a four-month prison sentence in 2024.

The pardon for Zhao paves the way for "Binance" to return to the U.S. after nearly two years of having agreed to suspend its operations in the country as part of a deal with the Justice Department to settle its legal issues.

White House spokesperson Caroline Levitt told reporters on Thursday that "this is a case that the Biden administration has exaggerated in pursuing," accusing the previous administration of seeking to "issue an exaggerated judgment against this person."

She added that the previous administration was also "very aggressive" towards the cryptocurrency sector, explaining that Trump pardoned Zhao to "correct this overreach and injustice by the Biden administration."

Trump later defended his decision, telling reporters at the White House that "many" have told him that Zhao is not guilty.

The "Wall Street Journal" reported on Thursday that "Binance" had sought for about a year to obtain a pardon for Zhao, noting that "Binance" was a "major supporter" of the Trump family's cryptocurrency venture "World Liberty Financial."

Despite stepping down as CEO of "Binance" in 2023, Zhao remains the largest stakeholder in the platform.

Zhao expressed his deep gratitude to Trump in a social media post on Thursday for "sticking to America's commitment to fairness, innovation, and justice."

Since his presidential campaign, Trump has become an advocate and promoter of the cryptocurrency sector, reversing his previous criticisms.

He has also eased many of the regulatory measures imposed on this sector, which contributed more than $100 million to his re-election campaign.

According to the "Financial Times," Trump's family businesses in the cryptocurrency sector have made profits of about $1 billion before taxes over the past 12 months.