Trump Pardons Binance Founder Amid Crypto Controversy
President Donald Trump officially pardoned Binance founder Changpeng Zhao, who had pleaded guilty to enabling money laundering in the cryptocurrency industry. The White House defended the move, accusing the Biden administration of politically motivated actions against the crypto sector.
Zhao's pardon followed Trump's commutation of former New York Rep. George Santo's prison sentence. Zhao stepped down as Binance CEO in November 2023 after pleading guilty to violating the Bank Secrecy Act and agreeing to a $4.3 billion settlement with the U.S.
Department of Justice. The pardon came amid ongoing tensions between political administrations and the cryptocurrency industry.
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