"Binance is the world's largest cryptocurrency exchange by a wide margin, and as one might expect from the hub for unaccountable fake money specifically designed to elude any regulatory oversight, the exchange has long been-as Binance executives themselves are quoted saying in various legal filings-a transit center for money laundering. While CZ received a relatively short sentence for his crimes, Binance was subject to $4.3 billion in fines, the largest such penalty in Justice Department history,"
"The way the Trump admin is framing it, this represents a rollback of their predecessor's adversarial approach with the industry. "The Biden Administration's war on crypto is over," a Trump spokesperson told the Wall Street Journal. That is true, if extremely disingenuous, as the end of said war is less a cessation of hostilities than it is a restoration of big-time crypto's status and ability to continue shuffling fake money, simply with the Trump family at the center, raking in staggering sums."
Donald Trump issued a presidential pardon to Binance founder Changpeng Zhao, who had pleaded guilty to money laundering and spent months in U.S. custody. Binance paid $4.3 billion in fines and entered a five-year monitorship intended to force its exit from the U.S. Despite those penalties, Binance returned to favor with the U.S. government and Zhao was freed. The Trump administration frames the move as a rollback of adversarial policy toward crypto, while critics argue the pardon restores big crypto's power, enables continued money laundering, and reflects payoffs and entanglement with the Trump family and its crypto interests.
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