Trump's Pardon of CZ: Statement from the White House

Recent developments affecting the cryptocurrency markets include Donald Trump's pardon for Changpeng Zhao (CZ), the founder of Binance. It is noteworthy that this pardon underwent the standard review process at the White House, which occupies an important place in the agenda of investors and market analysts.

Former US President Donald Trump announced last month that he had pardoned CZ. White House Press Secretary Karoline Leavitt stated during a press conference on Tuesday that this pardon was submitted for the President's approval after a comprehensive review process conducted by the Department of Justice and the White House Counsel’s Office, ensuring full legal compliance. Leavitt remarked, "There is a very comprehensive review process between the Department of Justice and the White House Counsel's Office here. Behind every pardon there is a qualified legal team that carries out this process."

Although Trump stated in an interview with CBS News that he did not know Zhao, Leavitt emphasized that this statement indicated the President did not personally know him. Trump defended the pardon by saying, "I don't know who he is. He got a short sentence of four months. I hear it was a Biden witch hunt,". Leavitt supported Trump's comment by describing the previous administration's Department of Justice as having been "weaponized for political motives."

Changpeng Zhao had pleaded guilty to charges related to an attempted money laundering in 2023 and received a four-month prison sentence as a result. He was released in September 2024 after completing his sentence. However, following these developments, The Wall Street Journal claimed that World Liberty Financial, a company close to Trump, was in talks to acquire shares in Binance.US. Binance denied these claims as "politically motivated."

Additionally, in May, Abu Dhabi-based MGX announced that they would use World Liberty's dollar-backed USD1 stablecoin in a planned $2 billion investment deal with Binance. However, Binance CEO Richard Teng stated that the company had no direct role in this process. All these developments represent important points for investors to pay attention to and may influence the dynamics in the cryptocurrency market.