President Donald Trump pardoned cryptocurrency titan Changpeng Zhao, whom the U.S. government convicted of violating anti-money-laundering laws in connection with his crypto exchange Binance, the White House said Wednesday.
“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,” White House spokeswoman Karoline Leavitt said in an email. “In their desire to punish the cryptocurrency industry, the Biden administration pursued Mr. Zhao despite no allegations of fraud or identifiable victims.”
In November 2023, Zhao pleaded guilty to violating anti-money-laundering guidelines – and agreed to step down as chief executive of Binance as part of plea deal. Binance also agreed to pay a $4.3 billion fine, which at that time was among the largest ever levied against a corporation. It’s unclear what the pardon means for payment of the fine and Zhao’s ability to lead his company again.
(c) 2025, The Washington Post · Julian Mark
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