U.S. President Donald Trump has granted a pardon to Changpeng Zhao, the billionaire founder of Binance, just months after Zhao completed a four-month prison sentence for money-laundering violations.
The move has sparked major political controversy, with critics accusing Trump of favoritism and corruption amid his growing alignment with the crypto industry. Zhao had pleaded guilty in April 2024 to breaching U.S. anti–money-laundering laws, while Binance agreed to pay a $4.3 billion fine for allowing users to evade sanctions and transfer funds without oversight.
Trump’s decision to clear Zhao’s record has reignited debate over whether his pro-crypto stance is based on policy goals or personal interests. The White House defended the move, with Press Secretary Karoline Leavitt calling Zhao’s conviction part of the Biden administration’s “war on cryptocurrency” and describing the pardon as a correction of “overreach and misjustice.”
Reports indicate Binance spent nearly a year lobbying for Zhao’s release. Since taking office, Trump has launched his own cryptocurrency, loosened digital asset regulations, and proposed a national crypto reserve. Zhao, who stepped down as CEO in 2023 as part of his plea deal, expressed gratitude toward Trump, praising him for supporting “fairness, innovation, and justice.”
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