President Trump pardons former Binance CEO Changpeng Zhao

President Donald Trump has issued a pardon for former Binance CEO Changpeng Zhao, according to White House Press Secretary Karoline Leavitt. Leavitt stated that the pardon was an exercise of constitutional authority, sharply criticizing the previous Biden administration for pursuing Zhao in what she termed a "war on cryptocurrency," despite no allegations of fraud or identifiable victims.

Zhao, also known as CZ, had previously pleaded guilty in 2023 to failing to maintain an effective anti-money laundering program, leading to his release from prison after serving four months. Binance paid a $4.3 billion settlement. The pardon potentially opens the door for CZ to return to running Binance, although current CEO Richard Teng previously noted Zhao's plea agreement included a lifetime ban from managing the exchange.

Reports indicated that discussions about a potential pardon were advancing, with some Trump insiders believing the case against Zhao was weak. The pardon signifies a major shift in how the current administration approaches the crypto industry.

(Source：The Block)