Washington [US], October 24: US President Donald Trump has pardoned Changpeng Zhao, the convicted founder of cryptocurrency exchange Binance.
Changpeng Zhao , the billionaire known as "CZ" and one of the most influential figures in the cryptocurrency world, has stepped down as CEO of Binance in 2023 after the company pleaded guilty to failing to maintain an effective anti-money laundering program and paid a $4.3 billion fine, according to Reuters. The White House announced on October 23 that President Trump had pardoned Zhao.
US authorities claimed in 2023 that Binance failed to report suspicious transactions with organizations like Hamas and al-Qaeda, as well as with websites that traffic in child sexual abuse material.
Mr. Zhao, a Canadian citizen born in China, paid a $50 million fine and served nearly four months in prison in 2024 after pleading guilty to the same charges as his company. However, he retained his stake in Binance, while a person he appointed was named CEO.
On social media X, Mr. Changpeng Zhao said he was "extremely grateful for today's pardon and thanked President Trump for upholding America's commitment to fairness, innovation, and justice." "We will do everything we can to help America become the center of cryptocurrency," Mr. Zhao added.
The US president is given broad constitutional powers to pardon , expunge federal criminal convictions, and commute sentences. Presidents usually wait until the end of their term to use this power, but are not required to do so.
White House spokeswoman Karoline Leavitt said on October 23 that Mr. Zhao was prosecuted by the administration of former President Joe Biden "in their war against cryptocurrencies," while Mr. Trump during his campaign pledged to end this war by his predecessor. Ms. Leavitt affirmed that any decision to pardon is carefully considered.
This is Mr. Trump's latest move to promote the digital currency industry and erase past wrongdoings in this field, according to Reuters.
In March, Mr. Trump pardoned three co-founders of the cryptocurrency exchange BitMEX , who pleaded guilty in 2022 to failing to comply with anti-money laundering laws. In January, he pardoned Ross Ulbricht, who was sentenced to life in prison for running the online black market Silk Road and is a prominent figure in the cryptocurrency world.
Source: Thanh Nien Newspaper
