Changpeng Zhao, founder of the world's largest cryptocurrency exchange Binance, has been pardoned by US President Donald Trump.
Zhao, also known as CZ, was sentenced to four months in prison in April 2024 after pleading guilty to violating US money laundering laws.
Binance was ordered to pay $4.3 billion following a US investigation that found it helped users bypass sanctions.
White House Press Secretary Karoline Leavitt labeled Zhao's prosecution under the Biden administration as part of a war on cryptocurrency.
She argued that Zhao had been unfairly targeted, stating there were no allegations of fraud or identifiable victims. The administration's narrative underscores a transition in attitudes towards digital currencies.
Leavitt also highlighted that the Biden administration's restrictions on crypto are now coming to an end.
This presidential pardon aligns with Trump's ongoing effort to adopt a more crypto-friendly policy environment, including proposals to establish the US as the crypto capital of the world.
Since his decision to step down from Binance in November 2023, Zhao has focused on his responsibilities and acknowledged his past mistakes. As digital currencies continue to grow in prominence, this pardon may influence the regulatory landscape for cryptocurrencies in the future.
The pardoning of Zhao, a pivotal figure in the crypto community, could symbolize a turning tide for cryptocurrency regulation in the United States, suggesting a friendlier regulatory climate ahead.
