Trump Grants Pardon to Binance Founder
In a significant move signaling support for the cryptocurrency sector, U.S. President Donald Trump has granted a pardon to Changpeng Zhao, the founder of Binance. This announcement, which came from the White House and was reported by Decrypt, underscores the continuing trend of the current administration’s leniency towards individuals in the digital asset space.
Zhao’s Legal Troubles
Zhao, who is also known as “CZ”, stepped down as CEO of Binance in 2023 as part of a legal arrangement that resulted in a four-month prison sentence in a minimum-security facility in Lompoc, California, set to begin in 2024. He had previously admitted to breaking U.S. money laundering laws during his leadership at the largest cryptocurrency exchange in the world.
White House Justification
White House Press Secretary Karoline Levitt elaborated on the reasoning behind the pardon during her remarks, asserting that Zhao was targeted as part of the Biden Administration’s broader strategy against cryptocurrency. “The previous administration pushed for a lengthy prison sentence for Mr. Zhao, a term deemed excessive even by the presiding judge, who remarked on its unprecedented nature in three decades of legal experience,” Levitt stated.
She emphasized that Zhao faced prosecution without any allegations of fraud or identifiable victims, characterizing the Biden Administration’s approach as having a detrimental effect on the U.S.’s standing in the tech and innovation sectors.
Implications for the Cryptocurrency Community
This development reflects ongoing tensions between cryptocurrency advocates and governmental authorities, particularly under the recent administration that had a more stringent stance on digital currencies. Levitt concluded with a bold statement:
“The era of the Biden Administration’s crackdown on cryptocurrency is over.”
This pardon has garnered attention in the cryptocurrency community, marking a renewed hope for individuals facing legal challenges related to digital assets. Coverage will continue as more details emerge.
