Trump Pardons Binance Founder Zhao: A Turmoil in the Crypto World

Trump's Shocking Pardon for the Crypto World

White House spokesperson Karoline Leavitt announced that President Donald Trump has issued a pardon using his constitutional authority for Changpeng Zhao. Zhao is known as the founder of the Binance cryptocurrency exchange and was being prosecuted by the Biden administration.

Criticism of Biden Administration's Policies

Leavitt stated that the Biden administration was trying to sentence Zhao to 3 years in prison by targeting the cryptocurrency industry. She emphasized that this was against sentencing guidelines and that no judge had ever encountered such a situation in their career. Leavitt added, “The actions of the Biden administration have damaged the reputation of the U.S. as a global leader in technology and innovation. The war waged by the Biden administration against crypto is now over.”

High Penalty for Binance

In November 2023, the U.S. government announced that Binance must pay a total of $4.3 billion in penalties for violating anti-money laundering and sanctions laws. Zhao agreed to resign and pay a $50 million fine as part of a settlement with the U.S. government during this process.

Seattle Court and Imprisonment Status

In the Seattle Federal Court scheduled for April 2024, prosecutors are seeking 3 years of imprisonment for Zhao, while defense attorneys are requesting only 5 months of supervised release. Zhao was once considered one of the most powerful figures in the crypto sector and is known as “CZ.”

Money Laundering Charges

Zhao had received a 4-month prison sentence for not providing adequate protection against “money laundering.” These developments continue to spark debates in the cryptocurrency world.