CZ Cleared: Trump Pardons Binance Founder
US President Donald Trump has pardoned Changpeng Zhao, the founder of Binance, the world's biggest cryptocurrency exchange.
Quick overview
- US President Donald Trump has pardoned Changpeng Zhao, the founder of Binance, after he pleaded guilty to money laundering laws.
- Zhao received a four-month prison sentence and Binance was fined $4.3 billion for assisting users in evading sanctions.
- The pardon may allow Binance to operate more freely in the US, as the company has been lobbying for this outcome for over a year.
- This action aligns with the Trump administration's pro-crypto stance, as the President aims to position the US as the 'crypto capital' of the world.
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US President Donald Trump has pardoned Changpeng Zhao, the founder of Binance, the world’s biggest cryptocurrency exchange.
US President Donald Trump has pardoned Changpeng Zhao, the founder of Binance, the world’s biggest cryptocurrency exchange.
Mr. Zhao (also known as “CZ”) pleaded guilty to breaking US money laundering laws and was given a four-month prison sentence. After a US investigation revealed that Binance assisted users in evading sanctions, the company was ordered to pay $4.3 billion
Binance has been lobbying Trump for over a year, and the pardon might help them operate freely in the US. The Biden Administration targeted Mr. Dot Zhao to penalize the cryptocurrency sector, as stated by White House spokesperson Karoline Leavitt, even though no fraud or specific victims were claimed
CZ is arguably the most successful businessman in the emerging cryptocurrency world, having created a leading blockchain platform and the largest crypto exchange worldwide.
The exchange is still the most widely used platform for buying and selling cryptocurrencies and other digital assets worldwide, and it is registered in the Cayman Islands.
The WSJ claims that the business has been working for almost a year to get its former boss, who served out his four-month prison term in September 2024, pardoned.
The action coincides with the Trump administration taking a more pro-crypto position.
Shortly before his inauguration in January, the President released his own coin, marking his own entry into the digital currency landscape and fulfilling his pledge to make the US the “crypto capital” of the world.
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