U.S. President Donald Trump has issued a pardon for Changpeng Zhao, the founder of Binance, according to a White House announcement on Thursday.
White House confirms pardon
White House press secretary Karoline Leavitt stated:
“President Trump has exercised his constitutional authority by issuing a pardon for Mr. Zhao, who was prosecuted by the Biden Administration in their war on cryptocurrency.”
Binance did not immediately provide a comment on the development.
Zhao’s legal troubles and settlement
Changpeng Zhao, known as CZ, is one of the most influential figures in the bitcoin industry.
He stepped down as CEO of Binance after the company reached a $4.3 billion settlement with the U.S. government, concluding a multi-year investigation into alleged misconduct at the world’s largest bitcoin exchange.
Zhao served a four-month prison sentence before the pardon.
Return to the bitcoin sector
Trump’s decision paves the way for Zhao to return to the bitcoin business he founded in 2017.
The move is seen as the latest in a series of pardons for executives convicted of white-collar crimes during Trump’s tenure.
Other recent pardons
Earlier this year, Trump pardoned the founders of BitMEX in connection with anti-money laundering violations and the founder of electric truck company Nikola, who was convicted of fraud.
He also commuted the sentence of the executive of the now-defunct Ozy Media startup.
