White House Announces Trump Pardons Binance Founder Zhao
U.S. President Donald Trump has issued a pardon for Changpeng Zhao, the founder of Binance, a leading cryptocurrency exchange. This decision, announced on October 23, reflects a growing trend in presidential clemency for cryptocurrency leaders.
Details of the Pardon
White House Press Secretary Karoline Leavitt confirmed that Trump “exercised his constitutional authority” to pardon Zhao. This follows Zhao’s conviction related to anti-money laundering regulations under the Biden Administration.
Zhao’s Reaction
Zhao expressed gratitude on social media, stating he is thankful to President Trump for this act of clemency. He emphasized his commitment to helping the U.S. become “the Capital of Crypto.”
Background on Zhao and Binance
- Name: Changpeng Zhao
- Position: Founder of Binance, the world’s largest cryptocurrency exchange
- Criminal Charges: Convicted for failing to maintain an effective anti-money laundering program
- Financial Penalties: Binance pleaded guilty and paid a fine of $4.3 billion.
- Personal Fine: Zhao paid $50 million and served nearly four months in prison in 2023.
Trump’s Broader Pardon Strategy
This pardon is part of a series by Trump aimed at crypto executives and entrepreneurs. The pardons signal a shift in attitude towards the crypto industry, which has faced scrutiny under the Biden administration.
Previous Pardons
- In March, Trump pardoned the co-founders of BitMEX, who had pleaded guilty in 2022 for similar charges.
- He also pardoned executives from other industries, such as Nikola and Ozy Media.
- In January, Trump granted clemency to Ross Ulbricht, the founder of the Silk Road marketplace.
Implications for Binance
Zhao’s pardon could potentially reinstate his active role at Binance, which he co-founded in 2017. It may also allow the exchange to pursue expansion opportunities in the U.S. market, especially as the cryptocurrency sector continues to grow.
The pardon reflects a strategic effort by Trump to appeal to the crypto community ahead of the 2024 presidential election, which may influence the regulatory landscape for cryptocurrency in the United States.
