On Thursday, Donald Trump granted the founder of Binance, the largest crypto exchange in the world, a pardon. “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,” a White House statement said. “The war on crypto is over.”
In a May podcast, CZ stated that he asked President Trump for a pardon after being freed from prison the year before.
CZ gets a Pardon
After stepping down as CEO of Binance and entering a guilty plea to one count of failing to maintain an anti-money laundering program in late 2023, Changpeng Zhao paid $4.3 billion to resolve related claims. He received a four-month jail term.
One of the wealthiest individuals in the world and a well-known figure in the cryptocurrency space is Zhao, who is frequently referred to by his initials CZ.
He founded Binance, the world’s largest cryptocurrency exchange, but following his guilty plea in 2023, the business was prohibited from operating in the US.
After months of speculating and lobbying, Zhao and Binance have achieved a huge triumph with Trump’s pardon.
At a time when Trump and his family are creating their own multibillion-dollar cryptocurrency enterprise, it is also another indication of the Trump administration’s move to relax regulations on the sector.
Talks of CZ’s Pardon
CZ took to X(Twitter) to note, “Deeply grateful for today’s pardon and to President Trump for upholding America’s commitment to fairness, innovation, and justice.
He added, “Will do everything we can to help make America the Capital of Crypto and advance web3 worldwide. (Still in flight, more posts to come.)”
“Incredible news of CZ’s pardon today. We thank President Trump for his leadership and for his commitment to make the US the crypto capital of the world,” a spokesperson for Binance said in a statement.
Other Pardons by Trump
UnoCrypto said on January 22nd that Ross Ulbricht, the creator of the Silk Road bazaar, has received a presidential pardon from President Trump.
Additionally, the U.S. Justice Department reached a “tentative agreement” with Roger Ver, an early Bitcoin investor, on criminal tax charges. Those with knowledge of the matter said Ver would pay the government around $48 million, and the charges may be dropped if he agreed to the terms.
Binance has been crucial to the expansion of the Trump family’s cryptocurrency business, World Liberty Financial. Earlier this year, Binance agreed to accept a $2 billion transaction from an Emirati investment vehicle in exchange for a cryptocurrency created by World Liberty Financial.
Also Read: Binance Co-Founder CZ Donates $11 Million In BNB To Giggle Academy For Global Education