The White House pardons billionaire cryptocurrency executive Changpeng Zhao two years after the Binance founder pleaded guilty in a landmark Justice Department investigation.
White House press secretary Carolyn Leavitt has confirmed that President Donald Trump has pardoned Changpeng Zhao, founder of the world’s largest cryptocurrency exchange, Binance. luck Thursday. “President Trump exercised his constitutional authority by pardoning Mr. Chow, who was prosecuted by the Biden administration in its war on cryptocurrencies,” she said in a statement. the Wall Street Journal Firstly break News reported that Trump signed the pardon on Wednesday.
The decision comes months after Reports That Trump was considering whether to pardon Zhao. Founder of Binance plead guilty in 2023 for failing to maintain an effective anti-money laundering system while he was CEO of the cryptocurrency exchange. He resigned as CEO and served Four months in prison in 2024.
As part of a 2023 plea deal, Binance Agreed To pay $4.3 billion to settle charges with the Department of Justice. Prosecutors alleged that the cryptocurrency exchange violated US economic sanctions and money laundering laws. “We need a sign that says: ‘Is drug money laundered so bad these days – come to Binance, we got the cake for you,’” a compliance employee wrote in the company’s internal communications, according to Binance’s website. Plea agreement.
Following Zhao’s resignation as CEO, Binance appointed Richard Teng, a former financial regulator in the UAE and Singapore, to inform authorities that the company has turned over a new leaf and is focusing on compliance.
Binance spokespersons did not immediately respond to a request for comment. price BNB BankThe cryptocurrency, closely linked to Binance, rose 15% shortly after the news broke Thursday morning, hitting a high of more than $1,150, according to data from the cryptocurrency exchange.
This story is evolving and will be updated accordingly.
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