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President Donald Trump pardoned Binance Founder Changpeng “CZ” Zhaoas the first As reported by CNBC.
Zhao previously pleaded guilty to enabling money laundering while running a cryptocurrency exchange and served four months in prison last year.
“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 press secretary Carolyn Levitt said in a statement.
Trump’s pardon comes two months later The Wall Street Journal reported that the Trump family’s own crypto venture benefited from a partnership with an under-the-radar trading platform operated by Binance. The crypto venture has generated around $4.5 billion since the 2024 election.
After pleading guilty to DOJ charges in 2023, Zhao agreed to step down as Binance CEO, pay a $50 million fine and never serve as a Binance executive again. Following the allegations, Binance was forced to pay a $4.3 billion settlement to the US government, one of the largest corporate fines in US history.
