The US President has pardoned Binance founder Changpeng Zhao

According to The Wall Street Journal, the pardon was the result of months of efforts by Changpeng Zhao to promote Trump's cryptocurrency company. The US president recently told advisers that he sympathizes with arguments about political persecution surrounding Zhao and others, according to one source.

White House press secretary Caroline Leavitt stated that Trump "exercised his constitutional authority by pardoning Mr. Zhao, who was targeted by the Biden administration in its war on cryptocurrency." "The Biden administration's war on cryptocurrency is over," she added.

The publication speculated that the pardon will likely pave the way for Binance, the world's largest crypto exchange, to return to the US after the company pleaded guilty in 2023 to violating US anti-money laundering regulations and was banned from operating in the country.

The media also noted that since Trump's election, Binance has been a key supporter of his family's cryptocurrency venture, World Liberty Financial, which has significantly boosted the president's personal wealth.

In May 2024, a US court sentenced Zhao to four months in prison for failing to adequately protect the exchange from money laundering. As part of a plea agreement with the US Department of Justice, he agreed to pay a $50 million fine and resign as Binance CEO. In late September 2024, he was released from prison and announced that he plans to devote more time to philanthropy and write a book.

Photo: The Wall Street Journal