US President Donald Trump pardons Binance co-founder Changpeng Zhao over 2023 money laundering charge.
White House press secretary Karoline Leavitt said Trump, who aims to make the US a leading center for cryptocurrency, used his constitutional power to pardon Zhao, noting that Zhao had been prosecuted under Biden administration's crackdown on cryptocurrency.
Zhao, a leading figure in crypto industry, stepped down as Binance's CEO when the company agreed to pay $4.3 billion to the US government to settle a long-running investigation into wrongdoing at Binance.
The company also admitted to breaking rules related to anti-money laundering, operating without proper licenses and violating sanctions.
Reacting to the pardon, Zhao wrote on X, “Deeply grateful for today’s pardon and to President Trump for upholding America’s commitment to fairness, innovation, and justice."
He added, “Will do everything we can to help make America the Capital of Crypto and advance web3 worldwide."
As per multiple reports, Trump's pardon could allow Binance to resume operations in the United States.
The pardon is part of Trump's history of forgiving executives convicted of white-collar crimes.
Earlier in April, Zhao was also appointed as a strategic adviser to the Pakistan Crypto Council (PCC).
