President Donald Trump has pardoned Changpeng Zhao, the founder of the world’s largest crypto exchange Binance, the White House press secretary Karoline Leavitt confirmed to Fortune on Thursday. “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,” she said in a statement. The Wall Street Journal first broke the news, reporting that Trump signed the pardon on Wednesday.
The decision comes after months of reports that Trump was weighing whether to pardon Zhao. The Binance founder pleaded guilty in 2023 to failing to maintain an effective anti-money laundering regime while he was the CEO of the crypto exchange. He stepped down as CEO and served four months in prison in 2024.
As part of the 2023 plea deal, Binance agreed to pay $4.3 billion to settle charges with the Department of Justice. Prosecutors alleged that the crypto exchange violated U.S. economic sanctions and money laundering laws. “We need a banner ‘is washing drug money too hard these days – come to binance we got cake for you,’” one compliance employee wrote in internal company communications, according to the plea agreement.
Following Zhao’s resignation as CEO, Binance installed Richard Teng, a former financial regulator in the U.A.E. and Singapore, to telegraph to authorities that the company had turned a new leaf and was focused on compliance.
Spokespeople for Binance did not immediately respond to a request for comment.
Crypto champion
The pardon of Zhao is the clearest sign yet that the crypto industry has enjoyed unprecedented favor under Trump’s administration.
This story is developing and will be updated acccordingly.
This story was originally featured on Fortune.com
Hence then, the article about white house pardons billionaire crypto exec changpeng zhao two years after binance founder pleaded guilty in landmark doj investigation was published today ( ) and is available on Fortune ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
Read More Details
Finally We wish PressBee provided you with enough information of ( White House pardons billionaire crypto exec Changpeng Zhao two years after Binance founder pleaded guilty in landmark DOJ investigation )
Also on site :