Former Binance CEO Changpeng Zhao Pardoned by Former President Trump Amid Controversy
In a surprising move, former US President Donald Trump granted a pardon to Changpeng Zhao, the founder and CEO of Binance, the largest cryptocurrency exchange globally. Zhao had been sentenced to four months in prison in April 2024 after pleading guilty to violating US money laundering laws.
Binance itself pleaded guilty to charges following a US government investigation that uncovered the exchange's role in assisting users in bypassing sanctions, resulting in a $4.3 billion penalty.
The White House Press Secretary, Karoline Leavitt, described Zhao's prosecution as part of a "war on cryptocurrency" allegedly led by the Biden administration, suggesting the case was overly harsh. Zhao expressed his gratitude for the pardon on social media. Binance called the pardon "incredible news," though the legal and regulatory implications for Zhao remain uncertain.
Zhao's companies had previously been involved in collaborations with firms linked to the Trump family on digital currency projects, adding a political dimension to the case. The pardon attracted criticism from figures like Senator Elizabeth Warren, who labeled the decision as an example of corruption.
This development highlights the complex intersection of politics, regulatory enforcement, and the rapidly evolving cryptocurrency industry. For investors and crypto enthusiasts looking to navigate this space, platforms like Bitlet.app offer innovative services such as Crypto Installment plans, enabling users to purchase cryptocurrencies now and pay monthly — reducing upfront financial barriers.
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