Important points
- Binance’s CEO has refuted claims that the exchange supported Donald Trump-related crypto efforts in exchange for a presidential pardon for Binance founder Chao Changpeng (CZ).
- CZ pleaded guilty to money laundering charges but was recently pardoned by President Trump, who called the move to fight political persecution of the cryptocurrency industry.
Binance CEO Richard Teng has denied allegations that the cryptocurrency exchange promoted a Trump-backed cryptocurrency venture in exchange for a presidential pardon for founder Zhao Changpeng.
The denial came after President Trump pardoned CZ, who had pleaded guilty to money laundering charges. President Trump reportedly cited the pardon as an end to “political persecution” in the cryptocurrency sector.
Binance does business with the Trump family’s cryptocurrency company, World Liberty Financial, which reportedly generates income for the family. Critics claim that the pardon of Binance’s founder is related to this support.
CZ, the convicted Binance founder, was granted a presidential pardon amid controversy over the cryptocurrency industry’s collaboration with politicians’ digital asset projects.