As first reported by CNBC, President Donald Trump has pardoned Binance founder Changpeng “CZ” Chao.
Mr. Zhao previously pleaded guilty to enabling money laundering while operating a virtual currency exchange and was sentenced to four months in prison last year.
“President Trump exercised his constitutional authority by pardoning Mr. Zhao, who was prosecuted by the Biden administration in the crypto war,” White House press secretary Caroline Leavitt said in a statement.
Trump’s pardon comes two months after the Wall Street Journal reported that the Trump family’s own cryptocurrency venture benefited from a partnership with a low-profile trading platform run by Binance. This crypto venture has generated approximately $4.5 billion since the 2024 election.
After pleading guilty to the Justice Department charges in 2023, Chao resigned as Binance’s CEO, paid a $50 million fine, and agreed to never serve as an executive at Binance again. As a result of this accusation, Binance was forced to pay a $4.3 billion settlement to the US government, the largest corporate fine in US history.