Donald Trump has pardoned Changpeng Zhao, the founder of cryptocurrency exchange Binance, who had been sentenced to four months in prison for allowing money laundering on the platform. White House press secretary Karoline Leavitt announced the decision, calling it a response to what she described as the Biden administration’s aggressive stance against the crypto industry. She emphasized that Zhao faced no fraud charges and that no victims were identified.
Zhao, whose net worth is estimated at $55 billion, thanked Trump on social media and pledged to help make the United States a global leader in crypto and web3 innovation. Binance previously agreed to pay over $4 billion in penalties as part of a Justice Department plea deal, while Zhao personally paid a $50 million fine.
Leavitt criticized the prior enforcement actions as harmful to U.S. leadership in technology. Trump has recently deepened ties with the crypto sector, including hosting investor events for his own meme coin. Zhao’s pardon aligns with that outreach and adds to a pattern of high-profile clemencies issued by Trump in recent years.
Zhao, whose net worth is estimated at $55 billion, thanked Trump on social media and pledged to help make the United States a global leader in crypto and web3 innovation. Binance previously agreed to pay over $4 billion in penalties as part of a Justice Department plea deal, while Zhao personally paid a $50 million fine.
Leavitt criticized the prior enforcement actions as harmful to U.S. leadership in technology. Trump has recently deepened ties with the crypto sector, including hosting investor events for his own meme coin. Zhao’s pardon aligns with that outreach and adds to a pattern of high-profile clemencies issued by Trump in recent years.
